The stock index SPX500, as a few weeks ago, formed a major impulse trend.
At the moment, the primary wave ③, which is part of the cycle impulse V, is under development. It is a bullish impulse marked by intermediate sub-waves (1)-(2)-(3)-(4)-(5).
In the near future, the price could rise to the level of 4824.14, marked by a minor impulse 3. At that level, the entire primary wave ③ could end.
After the completion of the bullish impulse, a decline within the primary wave ④ near 3629.53 is likely. At that level, the correction will be at 50% of the previous impulse.
In an alternative scenario, the construction of the impulse wave is fully complete. It reached the peak of 4817.52, and then the decline began.
Perhaps at the last section of the chart, the first half of the intermediate zigzag (A)-(B)-(C) is forming the primary correction ④.
Most likely, the index will fall in correction to the 3638.17 area, since at that level, wave ④ will be at 38.2% of impulse ③. The probability of achieving this coefficient is high.