S&P 500 Index (1H) / Bullish Elliott Wave Count (2)

In this scenario, we are working on the 5th subwave of this impulse off the lows (within macro Flat 4 count). We've broken the base channel to the downside. If this is an impulse in progress, it is weak and W3<W1 so we may breach the 0.65 fib retracement and come back down fill the gap left by the island reversal.