The SPX500 index shows a large impulse trend. This consists of sub-waves I-II-III-IV-V of the cycle degree.
The first three parts of the impulse pattern are fully completed. It is likely that the cycle correction wave IV has also ended. It looks like a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ of the primary degree.
At the moment, primary wave Ⓩ is at the 76.4% Fibonacci extension of wave Ⓨ.
Thus, in the near future, the price could start moving up towards a maximum of 4326.34 within the final cycle wave V.
However, an alternative shows that bears could break through the level of 3571.28. There is then a chance that the actionary wave Ⓩ will strive for equality with the wave Ⓨ.
Thus, if this scenario is confirmed, prices could drop in the value of SPX500 to 3336.82. At that level, sub-waves Ⓩ and Ⓨ will be equal to each other.
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