Forex Trading Library

SPX500 A Price Drop In the Correction?

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The SPX500 seems to be forming a bullish impulsive trend. Its conclusion looks very close to the end of the minor wave 5. This could complete the development of the primary third wave, which takes the form of an impulse.

Once wave ③ completes its pattern, the corrective decline and development of the primary wave ④ are likely. It can take the form of an intermediate (A)-(B)-(C) zigzag, as shown in the chart.

In the medium term, the market is likely to zigzag to the level of 3346.42. At that level, wave ④ will be at 38.2% of wave ③.

SPX500

According to the alternative, the development of primary impulse wave ③ is not yet complete.

Most likely, in its final fifth wave, only the average impulse wave of a minor degree came to an end.

Thus, in the near future, we could see a slight decline in the minor correction. Then prices will start to rise again in wave 5.

It is possible that the bulls will send the market to the price mark of 4627.33. At that level, intermediate wave (5) will be at 123.6% of wave (3).

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