The current SPX500 formation hints to a flat pattern consisting of waves Ⓐ-Ⓑ-Ⓒ of the primary degree.
At the time of writing, impulse wave Ⓐ is complete. Corrective wave Ⓑ is taking the form of a double zigzag (W)-(X)-(Y). It is expected to end near the previous high of 3400.
We could then see a decline in the impulse wave Ⓒ to the 2199.86 area. This level would be at the low that formed the bearish impulse Ⓐ.
An alternative scenario may indicate that a corrective move in cycle wave IV is already complete. The projected final impulse V consists of primary sub-waves ①-②-③-④-⑤.
Wave ⑤ could complete near the 3793 region.
The target would respect the tenancy of impulse waves ⑤ and ③ being equal.