The current SPX500 structure suggests that a bullish cycle impulse is currently under development.
We now look ahead at the final cycle wave V which consists of five primary sub-waves.
The final actionary sub-wave ⑤, along with the intermediate impulse (5), is currently beginning.
With wave (5) rising, prices are likely to reach a height of 4118.37.
At that level, wave ⑤ will be at 76.4% of wave ③.
An alternative scenario shows the primary wave ⑤ is not yet complete, and the intermediate impulse wave (3) has recently ended.
Thus, in the next coming trading days, we can see a corrective decline in the price within the intermediate wave (4) to the 3695.27 area. At that level, wave (4) will be at 61.8% of impulse (3).
Then the above-mentioned uptrend will follow the intermediate wave (5).