It is assumed that the SPX500 index continues the development of a major impulse trend.
-637977030595802578.png)
Most likely, the primary wave ③, which is part of the cycle impulse V, is currently under development. It is a bullish impulse marked by intermediate sub-waves (1)-(2)-(3)-(4)-(5). This pattern may soon be completed. The construction of the last minor sub-wave 5 is expected, its structure is similar to the ending diagonal.
It is likely that the price in the minor wave 5 will continue to rise to the level of 4825.40, which marked the minor impulse 3.
After the completion of the bullish primary impulse, market participants could expect a fall in the correction ④ of the primary degree approximately to 3632.18. At that level, correction will be at 50% of previous impulse.
-637977030862628220.png)
In an alternative scenario, the formation of the impulse wave ③ could be fully completed., then the decline began.
In the last section of the chart, we can notice an intermediate zigzag (A)-(B)-(C), which forms the primary correction ④.
Most likely, in the near future the index will fall in correction to 3357.59. At that level, wave ④ will be at 61.8% of impulse ③. The probability of achieving this coefficient is high. Then the price is expected to rise in the primary fifth wave to a maximum of 4811.44, or even higher.
An approximate scheme of possible future movement is shown on the chart.
This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.
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