Forex Trading Library

SPX500 Impulse Hints At Higher Levels

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The current SPX500 structure indicates a new bullish impulse V, consisting of primary sub-waves ①-②-③-④-⑤.

The first four waves of this impulse are fully completed, whereas the primary impulse wave ⑤ is under development.

In the near future, we could see minor sub-waves 3-4-5 form an intermediate wave (5), towards the level of 4101.2.

At that level, primary impulse ⑤ will be at 76.4% of wave ③.

spx500

An alternative scenario assumes that the intermediate wave (3), of the primary impulse wave ⑤ has ended.

Therefore, prices could see a corrective decline within the intermediate correction (4).

It is likely that this correction will complete its construction near 3572.86. At that level, it will be at 50% of impulse (3).

Finally, bulls could lead the SPX500 pair in wave (5) above the maximum indicated by the impulse (3).

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