By Orbex
The SPX500 shows a major impulse trend with primary wave ③ under development. This is a bullish impulse that contains intermediate sub-waves (1)-(2)-(3)-(4)-(5).
The final section of the intermediate impulse wave (5) shows a price adjustment within the minor wave 4. This wave is similar to a minute ⓐ-ⓑ-ⓒ zigzag. This pattern will likely end at 4226.66.
After reaching this level, we can expect the price to rise to a maximum of 4824.14. This is shown by the minor impulse 3.
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In the second variant, the construction of the impulse wave is fully complete. The peak was reached at 4817.52, and then the decline began.
Perhaps in the last section of the chart, we see the first half of the intermediate (A)-(B)-(C) zigzag, which forms the primary correction ④.
Most likely, the index will fall in correction to the level of 3916.34, since at that level, wave ④ will be at 38.2% of impulse ③. The probability of achieving this coefficient is high.
Article by Orbex
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