In the long term, the SPX500 continues to form a large impulse trend consisting of sub-waves I-II-III-IV-V. Its final fifth part is under development.
After the end of the complex cycle correction IV, the price began to creep up, building the fifth wave.
Probably, four parts have been completed as part of impulse V to date. In the near future, the market may move up to a maximum of 4815.42 in the sub-waves (4)-(5) inside the primary fifth wave. The level of 4815.42 was marked by cycle impulse wave III.
We propose to consider an alternative scenario in which the cycle correction IV has not yet been completed. Recently, the primary intervening wave Ⓧ could come to an end, it is an intermediate double zigzag.
In the last section of the chart, we can observe a trend reversal. That is, in the near future, market participants can expect the development of the final wave Ⓩ.
It is possible that the actionary wave Ⓩ will end at the minimum of the wave Ⓨ, that is, near 3491.23.
