The current SPX500 cycle wave shows the final part of impulse V. It consists of primary sub-waves ①-②-③-④-⑤.
Wave ⑤ is currently under development. The completion of intermediate impulse wave (1) and correction wave (2) is expected.
The intermediate impulse (3) ended near 3478.72. Therefore, we could see a decline in correction wave (4) with prices then rising in wave (5) to the 3600.00 area.
At that level, wave ⑤ will be at 76.4% of primary impulse ③.
An alternative scenario indicates the primary impulse wave ③. At the time of writing, correction wave ④ is under development.
In the short term, bears could lead the price to the 3235.16 region. At that level, primary corrective wave ④ will be at 23.6% of primary impulse ③.
After reaching this level, we could expect price growth in the final bullish impulse wave ⑤.
Test your strategy on how SPX500 will fare with Orbex - Open your account now.
