S&P500 starting a Channel Up on Golden Cross to 6200
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The S&P500 index is trading inside a Channel Up on the (1h) time frame. A (1h) Golden Cross was just formed and the whole pattern draws comparisons with November's (2024) Channel Up. Both started with a +6% rise that pulled back to the 0.5 Fibonacci level, which in turn initiated the Channel Up.
Trading Plan: 1. Buy on the current market price.
Targets: 1. 6200 (near the 1.236 Fibonacci extension, like November).
Tips: 1. The RSI (1h) is also forming the same Channel Up as November, after getting oversold under 30.00.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.