The current chart of the SPX500 index shows the development of a major impulse trend.

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

In the near future, the price could continue to rise to 4824.14 in the minor impulse 3. At that level, the entire primary wave ③ could end.

After the completion of the bullish impulse, prices could lower in the correction of the primary degree near 3633.20. At that level, correction will be at 50% of previous impulse.

According to the alternative, the formation of the impulse wave ③ is fully completed. Then the price pushed off from the level of 4811.44 and the decline began.

We then saw an intermediate zigzag (A)-(B)-(C), which forms the primary correction ④.

Most likely, in the near future the index will fall in correction to 3359.83. At that level, wave ④ will be at 61.8% of impulse ③. The probability of achieving this coefficient is high. Then the price is expected to rise in the primary fifth wave.

Test your strategy on how the US dollar index will fare with Orbex – Open your account now.