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SPX500: We Expect a Bullish Trend Above The Maximum Of 4636.46

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SPX1

SPX500 appears to be forming an impulse trend that is marked by five subwaves of the cycle degree II-III-IV–V.

It is possible that the first three impulse patterns are complete. Also, there is a possibility of wave IV being completed. 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.

SPX2

In an alternative scenario, we consider the probability that the actionary wave Ⓩ will tend to equality with the wave Ⓨ.

Market participants might expect a decrease in SPX500 from 3337.67 to 3337.67. 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.



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