S&P 500: Has the bullish movement started in the fifth cycle wave?

We talked about the SPX500 index at the beginning of last month. It is assumed that the index forms a large impulse trend, which is marked by five main sub-waves I-II-III-IV-V of the cycle degree.

Perhaps the first three parts of the impulse pattern are fully completed. It is likely that the cycle correction wave IV has also come to an end. It looks like a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ of the primary degree.

At the moment, primary wave Ⓩ is at the 76.4% Fibonacci extension of wave Ⓨ.

Thus, in the near future, the price may start moving up towards a maximum of 4326.34 within the final cycle wave V.

However, bears may break through the level of 3571.28, then there is a chance that the actionary wave Ⓩ will strive for equality with the wave Ⓨ.

Thus, if this scenario is confirmed, market participants may expect a drop in the value of SPX500 to the price mark of 3336.82. At that level, sub-waves Ⓩ and Ⓨ will be equal to each other.

An approximate scheme of possible future movement is shown by trend lines on the chart.