The SPX500 index seems to be forming a large impulse V of a cycle degree. At the time of writing, the impulse V has completed the primary sub-waves ①-②-③-④.
From November 2020 to the present day, the price is rising within the primary fifth wave. Intermediate sub-waves (1)-(2)-(3)-(4)-(5) make up the fifth wave.
Among these sub-waves, only the last intermediate sub-wave (5) is not yet complete. Wave (5) is a minor impulse, for which we need sub-waves 3-4-5 to complete it.
Thus, in the near future, we can expect the price to rise to the 4643.1 area, as shown in the chart. At that level, primary wave ⑤ will be at 123.6% of wave ③.
It is possible that the primary wave ③ is larger than we assumed in the main scenario.
According to this view, wave ③ is still under development but is close to the end.
Most likely, today the market could complete its construction near 4230.8. After which the price will begin to decline in the primary correction ④.
The wave ④ can take the form of a zigzag pattern (A)-(B)-(C) of the intermediate degree and complete near 3316.0. At that level, it will be at 38.2% of impulse ③.
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