By Orbex
SPX500 seems to be forming a large bullish impulse, which consists of primary sub-waves.
The primary wave ③ is currently under development, which is an impulse with intermediate sub-waves (1)-(2)-(3)-(4)-(5).
In the near future, the price could fall slightly in the minor wave 4, then the bulls can send the market to 4620.94. At that level, intermediate wave (5) will be at 123.6% of wave (3).
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An alternative scenario suggests that the construction of the impulse wave ③ has already come to an end. Thus, in the short term, the market may begin to fall within the primary correction ④.
Therefore, in the near future, we could expect the formation of a bearish zigzag of the intermediate degree to the 3445.02 area.
At that level, primary wave ④ will be at 38.2% of impulse wave ③.
By Orbex
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