We look at similar stuff...that "4" bounce has very close symmetry to the "2" bounce...I chart 24h of ES so I don't have the same "clean" SPX channel that you have above, but heck it works.
I have a longer term bigger target down 1770-80 area that is the BIG channel line going back several years...but you could be completely spot on with an 1806 area bounce...it's just the theme of a rolling chop lower with lots of spike bar rallies.
