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 cycle wave shows the final part of impulse V. It consists of primary sub-waves ①-②-③-④-⑤.
Wave ⑤ is currently under development. The completion of intermediate impulse wave (1) and correction wave (2) is expected.
The intermediate impulse (3) ended near 3478.72. Therefore, we could see a decline in correction wave (4) with prices then rising in wave (5) to the 3600.00 area.
At that level, wave ⑤ will be at 76.4% of primary impulse ③.
An alternative scenario indicates the primary impulse wave ③. At the time of writing, correction wave ④ is under development.
In the short term, bears could lead the price to the 3235.16 region. At that level, primary corrective wave ④ will be at 23.6% of primary impulse ③.
After reaching this level, we could expect price growth in the final bullish impulse wave ⑤.
To keep reading this article, please navigate to: Orbex Forex Trading Blog.