SPX500: 3077 Likely to Mark 5-Wave Impulsive Correction

1 284

The medium-term structure on SPX hints to an ending diagonal pattern consisting of primary waves ①-②-③-④-⑤.

Following the completion of the correction down to primary ④, we can now see a bullish zigzag attempting to complete primary wave ⑤ and the full ending diagonal.

The last part of the current impulsive intermediate wave (C) of the corrective move seems to have only a little more gas left in its tank to claim 3077.SPX500The impulsive wave (C) consists of 5 minor sub-waves 1-2-3-4-5.

With three out of five-minute degree waves having completed, we could now expect the final part of the minor wave 5 to kill the bullish switch.

That, of course, makes the next coming trading days very interesting as a validation of the bulls could be expected to take prices near at least 3077, and then fall.

The target would respect the tenancy of impulse wave 5 being 200% of wave 3.



or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss

Leave A Reply

Your email address will not be published.