This article was first published on Orbex Forex Trading Blog.
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
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.
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.
To keep reading this article, please navigate to: Orbex Forex Trading Blog.