The SPX500 structure hints at an impulse V consisting of primary sub-waves ①-②-③-④-⑤.
After the completion of impulse wave ③, we now see the beginning formation of corrective wave ④. This could take the form of a contracting triangle.
The structure of this triangle is shown by intermediate sub-waves (A)-(B)-(C)-(D)-(E).
Upon completion, we could then see a rise in the primary impulse ⑤ to the 3809.76 area. At that level, wave ⑤ will be at 161.8% of wave ③.
An alternative scenario shows primary correction wave ④ taking the form of an (A)-(B)-(C) zigzag.
After the completion of an intermediate correction, prices could go down to impulse (C) near 3152.83. At that level, correction ④ will be at 38.2% of impulse wave ③.
Then we could see a rise in wave ⑤ above the previous high.