The SPX500 index is forming a large bullish impulse, which consists of primary sub-waves.
The primary third wave, which is an impulse consisting of intermediate sub-waves (1)-(2)-(3)-(4)-(5), is under development.
In the near future, the market could slide in the minor wave 4, then the bulls can send the market to 4624.51. At that level, intermediate wave (5) will be at 123.6% of wave (3).
An alternative scenario shows that primary impulse wave ③ has ended. In the short term, the market could begin to fall within the primary fourth correction.
If our assumption is confirmed, then we could expect the formation of a bearish zigzag of the intermediate degree near 3416.12. At that level, primary wave ④ will be at 38.2% of impulse wave ③.
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