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.The 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.