The current structure on the US Index suggests that the asset class could be on a bullish triple zigzag pattern. The medium-term pattern consists of cycle degree sub-waves w-x-y-x and z.
Intervening wave x, which at the time of writing is not completed, consists of primary sub-waves Ⓐ-Ⓑ and Ⓒ. Wave Ⓐ is a bearish 5-wave impulse, and wave Ⓑ a bullish zigzag.
At the moment, we see a downside move in the primary impulse wave Ⓒ.
On the 1H timeframe, we can see the structure of the entire downward zigzag wave x.
With primary impulse Ⓒ half-way through, we could expect intermediate wave (4) to take place. Judging by the structure of this wave, it could be a standard A-B-C zigzag.
In the near-term bulls could push prices near 97.86 for wave C, increasing the chances of a flat correction.
Then we could expect a decline near 96.95. At that level, the primary wave Ⓒ will be at the 61.8% extension of impulse A.
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