SP 500: Impulse is likely to end its pattern at the previous high
|The current markup of the SPX500 index shows the continuation of the development of a large impulse consisting of sub-waves I-II-III-IV-V, that is, its final part.
After the cycle correction IV ended in the form of a primary triple zigzag, the price began to climb up, building a cycle fifth wave.
It is assumed that four parts have been completed within the impulse V. In the near future, the market may move up to the maximum of 4815.42, which was marked by the cycle impulse wave III.
According to the alternative markup, the construction of correction IV can continue. There is a high probability that its actionary wave Ⓩ tends to equality with the wave Ⓨ.
In the near future, the price is expected to fall to the price mark of 3335.47, at which the sub-waves Ⓩ and Ⓨ will be equal to each other.
The intermediate wave (C) can take the form of a simple impulse, or an ending diagonal. It's preferable to add this pair on our watchlist.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.