The SPX500 structure hints at a bullish impulse. It consists of primary sub-waves ①-②-③-④-⑤.
The first four parts of the 5-wave pattern are complete, whereas wave ⑤ is currently under development.
With waves (1)-(2)-(3) completed, we expect a bearish correction in wave (4), near 3108. This will be at 61.80% of intermediate impulse (3).
Following a test at the said level, the cycle wave V can be expected to rise around 3399. This is the resistance high reached by wave III.
An alternative scenario is indicative of an incomplete correction in cycle wave IV. It consists of a primary degree Ⓐ-Ⓑ-Ⓒ zigzag pattern.
Wave Ⓐ-Ⓑ are complete, whereas wave Ⓒ is under development at the time of writing.
A further decline in wave Ⓒ of IV can be expected to take prices near 2199. This is the support low reached by wave Ⓐ.