The current SPX500 structure hints at the formation of a major impulse trend.
The primary wave ③, which is part of the cycle impulse V, is currently developing. It is a bullish impulse marked by intermediate sub-waves (1)-(2)-(3)-(4)-(5).
In the near future, the price will continue to rise to the level of 4824.14. This is marked the minor impulse 3. At that level, the entire primary wave ③ could end.
After the completion of the bullish impulse, market participants can expect a change in the stock price in the primary correction ④ towards 3913.22. At that level, the correction will be at 38.2% of the previous impulse.
Another option suggests that the formation of the impulse wave ③ is fully complete. The wave peaked at 4817.52, which is when the decline began.
We see an intermediate zigzag (A)-(B)-(C), which forms the primary correction ④.
Most likely, the index will fall in correction near 3919.10 soon. At that level, wave ④ will be at 38.2% of impulse ③. The probability of achieving this coefficient is high. Then the price could rise in the primary fifth wave.
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