By Orbex
The current SPX500 structure hints to a bullish impulse consisting of primary sub-waves ① -② -③ -④ and ⑤.
With the first four parts of this 5-wave impulse fully completed, impulse ⑤ is still under construction.
Taking into account the structure and proportions, we could expect primary wave ⑤ to be equal to ③. This would send the SPX near 3319.4
Another view differs a little from the main projection.
According to this alternative, we are still expecting primary ⑤ to complete higher. However, the target, in this case, is higher, near 3290.6.
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.
This level would bring wave ⑤ at the 78.6% Fibo of primary ③ range.
After the last wave, wave ⑤, we could see a bearish trend starting, or a deep correction weighing on.
By Orbex
