SPX500 seems to be forming a bullish impulse that consists of primary sub-waves ①-②-③-④-⑤.
At the time of writing, primary wave ③ is under development. This wave is a 5-wave impulse, containing intermediate sub-waves (1)-(2)-(3)-(4)-(5).
With 4/5ths of the structure completed, the price could fall slightly in minor wave 4 and then rise to 4613.13. At that level, the intermediate wave (5) will be at the 123.6% Fibonacci extension of wave (3).
An alternative perspective suggests that impulse wave ③ has already come to an end.
Thus, in the short term, the market may begin to fall in primary correction wave ④.
Therefore, we could expect a corrective decline near 3751.89. At that level, the primary wave ④ will be at 38.2% of impulse wave ③.
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