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Strategies & Market Trends : TRIPLE TRADES
OPEN 6.420+1.3%Dec 22 3:59 PM EST
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To: sandiegobear who wrote (4382)11/5/2025 8:13:34 AM
From: Bull RidaH  Read Replies (1) of 4424
 
The SPX has been LOCKED in this rising (green) channel since APRIL 30th. The 6850 target given in my August 8th post with the SPX still at 6350, was met last Monday Oct 27th, with a final push to 6921.70 Wednesday before succumbing to forces unleashed after a trend fib extension target is met. A low of 6720.30 has been seen in last evening's post AMD report slide, more than 200 S&P Points off the peak. But notice how the slide was halted at the lower 6 month+ rising channel line. I have stated on this thread in many posts that it's not profitable to bet that a breakdown will occur from a rising channel.

The 200 point slide into last night's low was enough to satisfy the pullback I expected from the 6850 area targeted by the trend fib extension projection. Now it's onward and upward we go as the market pushes for the 8400 to 8800 target I shared here over the summer, likely to be met by March '26. An unlikely breakdown of the rising channel here would target no lower than 6495 for a neck breaking reversal higher... and I would begin legging in around 6560 in case they come in and steal the bears' opportunity to cover at a logical target price for the 20th time in a row since May.

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