Forex Trading Library

SPX500 Bulls Push for the Previous High

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Chart of SPX

As three weeks ago, the SPX500 index continues to form a large impulse trend consisting of sub-waves I-II-III-IV–V.

Last autumn, a long cycle correction IV was completed in the form of a primary triple zigzag. Then the price began to creep up, building a cycle fifth wave.

Four parts have been completed as part of impulse V to date. In the near future, the market could move up to a maximum of 4815.42 in the subwaves (4)-(5), which was marked by the cycle impulse wave III.

Chart of SPX

And what if the construction of correction IV is not completed? We suggest considering an alternative scenario. Perhaps the actionary wave Ⓩ tends to equality with the wave Ⓨ.

In the upcoming trading days, the value could fall to the price mark of 3335.47, at which the sub-waves Ⓩ and Ⓨ will be equal to each other.

The bearish intermediate wave (C) could take the form of a simple impulse.

Test your strategy on how the SPX500 will fare with Orbex

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