By Orbex
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.
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.
Free Reports:
Get Our Free Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
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.
Test your strategy on how SPX500 will fare with Orbex – Open your account now.
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
