SPX500: Bulls Continue To Put Pressure on Prices

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The current SPX500 structure hints to a bullish impulse pattern of a cycle degree consisting of primary sub-waves ①-②-③-④-⑤.

Presumably, the first four parts of this impulse are already fully complete, whereas wave ⑤ is still under construction.

We can see that the formation of an intermediate impulse wave (5) has recently started inside the primary wave ⑤. Its completion is possible near 3820.0.

At that level, primary impulse wave ⑤ will be at the 200% of wave ③. Therefore, taking into account the current proportions of the impulse, the probability of reaching this level is high.

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If we consider an alternative scenario, we will see that it is possible that the formation of an intermediate corrective wave (4) has not yet completed, since it could be a horizontal triangle.

According to this hypothesis, a minor wave B is now forming. It is a zigzag that could complete near 3235, the target would respect the tenancy of the previous maximum that the wave (3) formed.

Then the market could expect a decline in wave C to the 2980 area, i.e. wave C may not reach the end of wave A a little.

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