SPX500 appears like it is forming an important impulse trend. This trend is marked five sub-waves from the cycle degree II-III,IV-IV-V.
It is possible that the impulse pattern’s first three parts are complete. Also, there is the possibility of wave IV of the cycle correction. It looks like a triple zigzag of the primary degree Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
In the near future, however, the price could rise above 4636.46 during the final wave V of the cycle. This will be in the form of a primary degree Impulse, as shown in the chart.
In an alternative scenario, we consider the probability that the actionary wave Ⓩ will tend to equality with the wave Ⓨ.
Market participants could expect a decline in SPX500 to 3336.77. At that level, sub-waves Ⓩ and Ⓨ will be equal. The price will only turn around and begin an upward trend after it reaches the level. To complete the wave Ⓩ, a bearish impulse wave (C) of the intermediate degree is needed.
The chart shows trend lines, which indicate possible future movements.
The post SPX500 – We Expect A Bullish Tendence Above The Maximum Of 4636.46. was first published on Orbex Forex Trading Forum.