SPX - Time for an update after pointing out the newly formed upwardly rising channel on 7/1/21 in the post this 1 replies to. I've added the channel median line in this updated chart, and as the casual observer can identify, that median line provided resistance, as is typical, during the mid-July rally. After a brief regathering, price resumed its vertical ascent, and will soon challenge the median line again at 4,500.
As many will recall, a primary edict of my channel trading rules is to never short a tradeable item when price is inside a rising channel. Over 80% of these cases result in a breakout to the upside, yielding a channel break measured-move target the precise vertical width of the channel added to the point of sustained breakout.
Considering the big-picture target of 5,037 presented HERE, and considering the 306 point vertical width of this channel, I've located the breakout point that would yield a matching 5,037 target to be SEPTEMBER 9TH, 2021. So the expectation is to see price breaking through 4,731, the upper channel location, on or about 9/9/21, followed by a near vertical climb to 5,037... THE FINAL CLIMAX RALLY TO THE BULL RUN OF THE UNITED STATES OF AMERICA.
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