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.