The current SPX500 shows a bullish impulse of a cycle degree.
The wave V consists of primary sub-waves ①-②-③-④-⑤ with an impulsive structure.
The flat in primary wave ④ recently ended, which then saw rapid growth in impulse wave ⑤.
In the short term, a rise to the 3930.09 area is likely.
An alternative scenario shows an incomplete corrective wave ④, which is a skewed intermediate triangle.
At present, we are in the last part of intermediate wave (E). The decline is expected to continue to 3240.88, which is on the support line drawn through the vertices (A) and (C).
After the completion of the corrective model, we could see the development of bullish wave ⑤ above the previous maximum.
Test your strategy on how SPX500 will fare with Orbex - Open your account now.
