S&P 500: Cycle wave V likely to complete at the peak level of impulse III
The SPX500 index, as on other trading days, continues the development of a major impulse consisting of sub-waves I-II-III-IV-V, or rather its final part.
On the current chart, we can notice a cycle correction IV in the form of a primary triple zigzag, after which the price went up.
Impulse V is under development. In the near future, the market may move up to the maximum of 4815.42, which was marked by the cycle impulse wave III (it is not visible on this chart).
Alternatively, the construction of correction IV may continue. Perhaps its actionary wave ? tends to equality with the wave ?.
In the near future, the cost is expected to fall to 3334.63. At that level, sub-waves ? and ? will be equal.
Then, after reaching the specified level, the price can turn around and start an upward movement.