The current SPX500 structure hints to a standard zigzag.
The bearish pattern consists of cycle degree sub-waves a-b-c. Wave a completed in an impulsive manner. Correction wave b is under development at the time of writing.
Wave b consists of primary sub-waves Ⓐ-Ⓑ-Ⓒ. Waves Ⓐ-Ⓑ are complete.
Wave Ⓒ seems to be nearing its end. The bullish impulse wave Ⓒconsists of five intermediate sub-waves (1)-(2)-(3)-(4)-(5).
With nearly all of its waves having completed their course, the pair could continue to move up near 3175.9.
At that level, intermediate impulse wave (5) will be at 76.4% extension of wave (3).
An alternative scenario suggests that the primary degree upside move is a double zigzag correction in wave b.
This means that we are now in primary zigzag Ⓨ. As a complex zigzag pattern, it consists of intermediate sub-waves (A)-(B)-(C).
In the medium term, a corrective decline can be expected in wave (B) near 2842.8. At that level, the index will reach 76.4% of bullish impulse (A).
Then, SPX500 could rise near 3255.4 in (C), where it will be at the 61.8% of wave Ⓦ.