Primary wave 5 has potential ending as diagonal impulse
My personal opinion is that the SPX bullish movement will slow down but keep going up as it will complete the last impulse of Primary wave 5 of Cycle wave V of Supercycle wave (V) of Grandsupercycle wave III.
It can be seen on the chart above that starting from the previous March 5, 2021, from the level of 3724.6 (cycle wave IV), the price moved up a very strong impulse and ended at the level of 3983.5.
For me the level 3983.5 dated March 18, 2021 is the first impulse wave of Cycle wave V and of course it should be labeled as Primary wave 1. After the impulse, of course there will be a correction movement. And obviously it happened because from the price of 3983.5 the price fell to form a double three correction (W) (X) (Y) movement as part of Primary wave 2 which ended on March 25, 2021 at the level of 3853.3
It should be remembered that the basic rule of Elliott Wave is that the third wave is the longest wave among the other waves. And it is a fact that can be seen clearly on the chart above, that from the level 3853.3 (end of Primary wave 2), SPX moves up and is divided into 5 Intermediate waves (1) (2) (3) (4) (5) as part of Primary wave 3 ended at the level of 4218.0
It took 5 days for SPX to correct from level 4218.0 on April 29, 2021 (Primary wave 3) to finish at level 4128.1 on May 04, 2021 (and this I finally labeled as Primary wave 4).
There is a potential that Primary wave 5 will become a diagonal impulse 3-3-3-3-3. It will be interesting to wait until the level where the rise in primary wave 5 will cease. It is possible that the bulls will stop between the levels 4201.6-4280.0
It can be seen on the chart above that starting from the previous March 5, 2021, from the level of 3724.6 (cycle wave IV), the price moved up a very strong impulse and ended at the level of 3983.5.
For me the level 3983.5 dated March 18, 2021 is the first impulse wave of Cycle wave V and of course it should be labeled as Primary wave 1. After the impulse, of course there will be a correction movement. And obviously it happened because from the price of 3983.5 the price fell to form a double three correction (W) (X) (Y) movement as part of Primary wave 2 which ended on March 25, 2021 at the level of 3853.3
It should be remembered that the basic rule of Elliott Wave is that the third wave is the longest wave among the other waves. And it is a fact that can be seen clearly on the chart above, that from the level 3853.3 (end of Primary wave 2), SPX moves up and is divided into 5 Intermediate waves (1) (2) (3) (4) (5) as part of Primary wave 3 ended at the level of 4218.0
It took 5 days for SPX to correct from level 4218.0 on April 29, 2021 (Primary wave 3) to finish at level 4128.1 on May 04, 2021 (and this I finally labeled as Primary wave 4).
There is a potential that Primary wave 5 will become a diagonal impulse 3-3-3-3-3. It will be interesting to wait until the level where the rise in primary wave 5 will cease. It is possible that the bulls will stop between the levels 4201.6-4280.0