The current SPX500 structure suggests that we are near the completion of an ending diagonal consisting of sub-waves ①-②-③-④ and ⑤.
Wave ⑤ of the primary pattern is under formation at the time of writing. The most recent part of the current structure shows an intermediate degree zigzag (A)-(B)-(C), where wave (C) needs to complete.
A closer look at the 1H timeframe indicates that intermediate wave (С) consists of minor waves 1-2-3-4 and 5.
The conclusion of the 5-wave minor 5 impulse wave could end near 3166, however, there is a possibility that bulls push for higher levels in response to wave 3’s momentum.
The aforementioned price target would respect the tenancy of wave 5 being equal to 100% of wave 1.