SPX500 Has The Primary Wave ③ Ended?

April 6, 2022

By Orbex

SPX 500

The current SPX 500 structure in the 1H timeframe shows the formation of a large impulse trend.

The primary wave ③, which is part of the cycle impulse V, is currently under development. It is a bullish impulse consisting of intermediate sub-waves (1)-(2)-(3)-(4)-(5).

In the near future, the price will continue to rise to the level of 4824.14. At that level, the primary wave ③ could end.

After the completion of the bullish impulse, prices will lower in the correction wave ④. This is likely to reach the 3629.53 area. At that level, the correction will be at 50% of the previous impulse.

SPX 500

Let’s consider an alternative scenario where the formation of the impulse wave ③ is fully complete. The peak was reached at 4817.52. Then, most likely, the price pushed off from that level, and the decline began.

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Perhaps there is the first half of the intermediate zigzag (A)-(B)-(C), which forms the primary correction ④.

Most likely, the index will fall in correction to the level of 3916.04, since at that level, wave ④ will be at 38.2% of impulse ③.

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