We talked about SPX500 a few sessions back. Its structure remains to hint to a bullish impulse I-II-III-IV-V of the cycle degree.
Currently, we see the formation of the last impulse wave V. It consists of primary sub-waves ➀-➁➂-➃-➄ and has already completed four parts.
With wave ⑤coming up next, prices can be expected to revisit at least the previous high at 3391.
An alternative scenario suggests that primary sub-wave ④ is not yet complete.
The current corrective structure resembles a contracting triangle. It consists of intermediate sub-waves (A)-(B)-(C)-(D)-(E).
In the short term, we expect a decline in wave (C) near 3034. At that level, wave (C) will be at 76.4% of wave (B). We then expect the formation of the final sub-waves (D) and (E).
Only a full completion of the correction in wave ④ can be expected to lead to an upside move. The target remains at the previous high, at least.