S&5-500

After the first impulse from the local bottom, we'd corrected to the 38.2% Fibonacci then we bounced up. Now we are moving into the local downward channel that's a correction channel. We have already reached the level of 38.2% and started to grow. There is a possibility that we can still fall to 50% near the lower support line and after that, we’ll break the resistance of this channel and go to the next resistance lines.

In general, I expect US market recovery for the next 2 quarters, so I don’t think that in the near future we will go straight to update the bottom. Key support and resistance levels you can see on the attached chart.

Best regards EXCAVO

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