The internal SPX500 structure shows the development of a major impulse trend.
At the time of writing, the primary wave ③, which is part of the cycle impulse V, is under development. It is a bullish impulse consisting of intermediate sub-waves (1)-(2)-(3)-(4)-(5).
The price could continue to rise to the level of 4825.40 at the minor impulse 3. At that level, the entire primary wave ③ could end.
After the completion of the bullish impulse, a fall in the correction ④ of the primary degree to 3633.20 is likely. At that level, correction will be at 50% of previous impulse.
Let’s consider an alternative scenario where the formation of the impulse wave ③ could be fully completed. After its completion, the decline began.
We see an intermediate zigzag (A)-(B)-(C), which forms the primary correction ④.
In the near future the index will fall in correction to 3359.83. At that level, wave ④ will be at 61.8% of impulse ③. Then the price is expected to rise in the primary fifth wave to the maximum of 4811.44.