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SPX500: Still Waiting on the Ending Diagonal to End

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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.

spx500

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.

spx500 4h

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