The current SPX500 structure shows a completed impulse wave a. The cycle degree pattern is followed by a zigzag in wave b. Wave b consists of primary sub-waves Ⓐ, Ⓑ, Ⓒ.
At the time of writing, only the primary waves Ⓐ and Ⓑ are complete. We can expect wave Ⓒ to take a 5-wave impulse formation.
In the short term, we expect prices to correct in intermediate wave (4). The bearish pattern is a simple A-B-C zigzag, where wave C in under development.
The target for wave C is the 2753 level, where minor wave A and C will be equal in length.
However, an alternative scenario suggests that the pair could correct deeper into wave (4).
In this case, we can expect a decline in C to reach near 2632 lows.
At that level, wave C will be at the 161.8% extension of wave A.