The SPX500 structure shows a bullish cycle impulse consisting of waves ①-②-③-④-⑤.
The first four parts of the primary degree pattern have ended, with the primary correction wave ④ being an intermediate flat.
Intermediate waves (1)-(2)-(3)-(4) of ⑤ are complete, whilst wave (5) is under development.
At the end of wave (5), prices could rise to 4095.16. At that level, primary wave ⑤ will be at 76.4% of wave ③.
An alternative scenario shows that primary correction wave ④ is not yet complete.
The corrective structure hints at a triangular figure of the intermediate degree, by sub-waves (A)-(B)-(C)-(D)-(E).
Currently, we are at the beginning of the final corrective wave (E). Its end is expected near 3360.57, where is will be at 76.4% of wave (D).
Finally, the market could rise in an intermediate impulse (5).
Test your strategy on how SPX500 will fare with Orbex - Open your account now.
