By Orbex
The current SPX500 formation suggests the construction of a large bullish impulse that consists of primary sub-waves.
At the time of writing, the primary wave ③ is under development. Intermediate sub-waves (1)-(2)-(3)-(4)-(5) marked this impulse. This pattern may soon come to an end.
Not so long ago the price was moving in minor wave 4, and then the bulls took the initiative and led the market up in wave 5. We can assume that wave 5 will take the form of a minute impulse, and can complete near 5033.15.
At that level, the intermediate wave (5) will be at the 161.8% Fibonacci extension of wave (3).
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Alternatively, the construction of an impulse wave ③ is almost complete. Perhaps in the near term, after a small minuette correction, the price will rise a little more in the sub-wave (v) to the 4639.65 area.
Thus, after the full completion of wave ③, the price could begin to fall within the primary correction ④.
Consequently, in the near future, we could expect a corrective decline near 3807.17. At that level, primary wave ④ will be at 38.2% of impulse wave ③.
Article by Orbex
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
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