EURUSD reacted to the .618/1.618 combo as expected, has an opportunity to reverse here at the purple channel bottom and previous high.

Close-up:

ES is approaching a potential midline of the admittedly unclear falling white channel.

SPX looks like it just bottomed at 1759.84 per the purple channel, while the white shows a failed breakout.  I’d want to test a long position around 1758-1760, with stops at the previous 1752.70 low.

UPDATE:  9:51 AM

This would make for a nice bottom here at 1758ish.

UPDATE:  10:00 AM

Tagging a good TL at the .786 and a symmetric shoulder on a IH&S…  Should be very close to the bottom here at 1755.78.

UPDATE: 2:40 PM

SPX reversed nicely at 1755.76.  Where from here?

continued for members…

Looks like the IH&S is intent on at least completing.  Watch your stops, as the grey H&S pattern is also in play (targets 1720.)  We’re still not back inside the red channel as drawn.  But, I expect the bulls to carry the day.  The key is ES 1758 or so.

That was a pretty decent dip off the opening, leaving the .red .618 as a likely Point B.  This complicates things a bit, as I was counting on the red .786 at 1767.63 to fill that role in order to get a butterfly pattern completion at 1780.

But, take a look at the yellow IH&S target.  Yup…the red 1.272 and purple 1.618 all in one fell swoop.  Should be a decent pause/reversal there (or not) and then onward and upward.  As to the .786, it’ll probably serve as the point from which we backtest the yellow neckline at 1764ish.