SPX500 Flat To Complete Near 3154.78

The structure of the SPX500 index shows a 5-wave impulse cycle.

Impulse wave V of a cycle degree is currently under development. It consists of primary sub-waves ①-②-③-④-⑤.

Horizontal correction wave ④, which is currently being formed is a double three (W)-(X)-(Y). Waves (W) and (X)  ended, whereas wave (Y) is under development.

In the near future, we could see a decline in wave (Y) to the 3154.78 area. At that level, primary correction ④ will be at 38.2% of impulse ③.

After that, we could expect the market to rise in primary wave ⑤.

An alternative scenario shows primary correction wave ④ completed a simple bearish zigzag.

We then saw the formation of bullish impulse wave ⑤.

In the short term, we could see the index rise in the intermediate wave (5) near 3908.59.

At that level, wave ⑤ will be at 61.8% of primary impulse ③.

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