The SPX500 structure hints to a bullish impulse consisting of cycle sub-waves I-II-III-IV-V.
On the 1H timeframe, we see the final impulse wave [V] of the primary degree.
At the time of writing, primary wave ④ was complete. This is an intermediate zigzag (A)-(B)-(C).
The initial part of the primary wave ⑤ is in formation. This could complete the entire bullish trend near 3868.
At that level, wave ⑤ will be at the 38.2% Fibonacci extension of impulse ③.
An alternative scenario shows corrective wave ④ has not yet completed its pattern.
It could have a more complex structure than the main scenario suggested. Here we expect that the specified correction will take the form of a double zigzag (W)-(X)-(Y).
Currently, only the intermediate wave (W) is fully complete. We can also see the development of intervening wave (X) to the 3457 area.
We could then expect a decline in the wave (Y) near 3020. At that level, correction ④ will be at 50% of impulse ③.