SPX500 seems to be forming a large impulse trend, which is marked by five sub-waves of the cycle degree I-II-III-IV-V.
Perhaps the first three parts of the impulse pattern are fully completed, and there is a possibility that the cycle correction wave IV has also come to an end. It looks like a triple zigzag of the primary degree Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
Thus, in the near future, the price may start moving up above the maximum of 4636.46 within the final cycle wave V, which will take the form of a primary degree impulse, as shown on the chart.
In an alternative scenario, we consider the probability that the actionary wave Ⓩ will tend to equality with the wave Ⓨ.
Market participants may expect a drop in SPX500 to 3337.67. At that level, sub-waves Ⓩ and Ⓨ will be equal. Only after reaching the specified level, the price may turn around and start an upward movement. To complete the wave Ⓩ, a bearish impulse wave (C) of the intermediate degree is needed.
An approximate scheme of possible future movement is shown by trend lines on the chart