The current SPX500 structure indicates that the market has completed an impulse wave a of a cycle degree, which was followed by new bullish zigzag in wave b. Wave b consists of primary sub-waves Ⓐ, Ⓑ, Ⓒ.
Primary wave Ⓐ and Ⓑ look fully completed; a 5-wave impulse and a simple zigzag, respectively. Wave Ⓒ, however, has completed only 4/5ths of the impulse.
With wave (5) wave coming up next, prices can be expected to reach a high of 2939.0. At that level wave b will be at the 61.8% of wave a.
An alternative scenario is indicative of an incomplete wave (4) though.
It would appear to consist of minor sub-waves A-B-C and being of the standard zigzag pattern.
Thus, in the short term, a decline in wave C near the 2576.0 would be expected. At that level, wave (4) would be at the 61.8% of wave (3).
Then the aforementioned upside would follow in the intermediate wave (5). However, near 2797, where the correction b would be at 50% of the impulse wave a.