The current SPX500 structure suggests some further upside in intermediate wave (C). The corrective formation is part of the primary degree Ⓐ- -Ⓑ- -Ⓒ. pattern.
With primary wave Ⓐ completed as a 5-wave impulse, wave Ⓑ can be now expected in a corrective form.
As often seen, wave Ⓑ is a standard zigzag and consists of intermediate sub-waves (A)-(B)-(C).
Since waves (A) and (B) are completed, a rise in the impulse wave (C) near 3188.0 can be expected. At that level, wave Ⓑ will be at the 61.8% of wave Ⓐ.
An alternative scenario suggests that the primary wave Ⓑ might take the form of a flat ‘three’ consisting of intermediate sub-waves (А)-(В)-(С).
At the time of writing, it seems that the intermediate wave (B) is being formed in this flat. This is indicative of a potential decline near the previous swing low, near 2853.0.
This could be followed by a price acceleration to the 3138.1 area, i.e. to the top of wave (A).