The pattern we’ve been following over the past few sessions keeps unrolling in a 5-wave impulse structure, that consist of primary sub-waves ① -② -③ -④ and ⑤.
The first four waves of the impulse move look fully completed, whereas wave ⑤ is still under development.
Wave ⑤ could be completed when the markets successfully conclude intermediate sub-waves (3)-(4) and (5). This could come in fruition near 3281, where primary wave ⑤ will be at 78.6% of wave ③.
In case the above fails to effectuate, an alternative scenario should be considered.
Since bulls remain strong, the intermediate correction wave (4) could have been completed already, offering no opportunity to bears to push the current upside-biased market lower.
According to this scenario, wave ⑤ could end near 3235, where the 61.8% Fibonacci retracement of the wave ③ resides.
