The SPX500 appears to form a large bullish momentum, consisting of primary sub-waves.
Currently the primary wave ③ is in development, which is a pulse with intermediate subwaves (1) – (2) – (3) – (4) – (5).
In the near future, the price could drop slightly to the smaller wave 4, so the bulls will be able to send the market to 4620.94. At this level, the intermediate wave (5) will be 123.6% of the wave (3).
An alternative scenario suggests that the construction of the impulse wave ③ has already been completed. Thus, in the short term, the market may start to fall within the primary correction ④.
Therefore, in the near future, we could expect the formation of a medium-grade bearish zig-zag up to the 3445.02 area.
At this level, the primary wave ④ will be at 38.2% of the impulse wave ③.
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