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SPX500: Bulls Next Target 3319.4?

Jan 9 2020, 09:23 PM (+06) | Orbex.com

The current SPX500 structure hints to a bullish impulse consisting of primary sub-waves ① -② -③ -④ and ⑤.

With the first four parts of this 5-wave impulse fully completed, impulse ⑤ is still under construction.

Taking into account the structure and proportions, we could expect primary wave ⑤ to be equal to ③. This would send the SPX near 3319.4

Another view differs a little from the main projection.

According to this alternative, we are still expecting primary ⑤ to complete higher. However, the target, in this case, is higher, near 3290.6.

This level would bring wave ⑤ at the 78.6% Fibo of primary ③ range.

After the last wave, wave ⑤, we could see a bearish trend starting, or a deep correction weighing on.

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