SPX500 Primary Impulse Reaches 5000

The current chart of the SPX500 index shows the development of a major impulse trend.

It is assumed that the primary wave ③, which is part of the cycle impulse V, is currently under development. It is a bullish impulse with intermediate sub-waves (1)-(2)-(3)-(4)-(5).

In the near future, the price could continue to rise to 4824.14 in the minor impulse 3. At that level, the entire primary wave ③ could end.

After the completion of the bullish impulse, prices could lower in the correction of the primary degree near 3633.20. At that level, correction will be at 50% of previous impulse.

According to the alternative, the formation of the impulse wave ③ is fully completed. Then the price pushed off from the level of 4811.44 and the decline began.

We then saw an intermediate zigzag (A)-(B)-(C), which forms the primary correction ④.

Most likely, in the near future the index will fall in correction to 3359.83. At that level, wave ④ will be at 61.8% of impulse ③. The probability of achieving this coefficient is high. Then the price is expected to rise in the primary fifth wave.

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About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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