Forex Trading Library

SPX500: Bulls Are Focused On A Maximum Of 4815.42.

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Chart SPX500

Three weeks ago we talked about the SPX500 index. We see that the market is still continuing the development of a large impulse consisting of sub-waves I-II-III-IV-V, or rather its final part.

In the autumn of 2022, a cycle correction IV was completed in the form of a primary triple zigzag, after which the price went up, forming a cycle fifth wave.

Inside the impulse V, four parts are probably completed. In the near future, the market may move up to the maximum of 4815.42, which was marked by the cycle impulse wave III (it is not visible on this chart).

Chart of SPX

Perhaps the construction of correction IV can continue, so it is worth considering an alternative scenario. There is a high probability that its actionary wave Ⓩ tends to equality with the wave Ⓨ.

In the upcoming trading days, we can expect a decline to the price mark of 3335.47, at which the sub-waves Ⓩ and Ⓨ will be equal to each other.

The index can move down, forming a minor impulse 1-2-3-4-5 to the specified level.

Test your strategy on how the SPX500 will fare with Orbex

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