SPX500 Has Primary Impulse Wave ③ Ended?

The stock index SPX500 forms a large impulse consisting of sub-waves I-II-III-IV-V. At the time of writing, we are in the final cyclic wave V.

The primary third wave is evolving and shown by intermediate subwaves (1) – (2) – (3) – (4) – (5).

Soon, the market could move lower in the smaller wave 4, then the bulls may send the market to 4624.51. At that level, an average wave (5) will be at 123.6% of a wave (3).

However, there is a possibility that the formation of the primary impulse wave ③ has already ended. This means that in the near future the market will collapse within the main quarter correction.

Thus, if our assumption is confirmed, then we could expect the formation of a medium-grade bearish zigzag to 3325.41. At that level, the main wave ④ will be at 38.2% of impulse wave.

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