With two points, I dont see that as a channel myself. Hope chart? More likely bear flags and trend lines descending getting tagged and failing on rallies. But this too is just an opinion and not trading BADvice;) 9/29/15
@Docsean: It's not just the two points, it's what's happening intraday at the lower channel. The market bottomed on capitulation volume and is now rising strongly on low volume. That is bullish. 9/29/15
@Miss_Pricing: Your chart is the S&P 500. Using the vehicle that is actually traded, the SPY and the ES futures shows we have not yet broken below the lower channel. 9/29/15
The market is finally coming to an area where we can expect a temporary reversal lower. ES 1992-1997 should be a temporary swing high, but the decline lower should be weak and not encouraging to the bears. 10/7/15
The market is finally at an area where shorts may have been forced to cover, so we may experience a correction lower finally. Any move lower should be corrective and temporary and form a higher low before the market heads higher to ES 2060. 10/8/15
Uh oh, bears have a problem here. Potential another intraday swing bottom here at ES 1995. Bears might be in trouble and we might swing back up to ES 2015 very quickly and further consolidate. 10/13/15