S&P 500 Elliott Wave Analysis Update

The long-term scenario remains bullish for the American S&P 500 index, which is within Primary Wave 5. Currently, after completing Intermediate Wave 1 (leading diagonal (5-3-5-3-5)) and Intermediate Wave 2 (flat (ABC / 3-3-5)), it seems to be forming the Intermediate Wave 3, within which the Minor Wave 1 has already been completed. Wave 2 Minor is now in place, and appears to be taking the form of a zigzag (ABC / 5-3-5). I will have a bullish signal at the breakout of the top of Minuette Wave 1 of Minor Wave 3, once Minor Wave 2 will be concluded. The target will be the Fibonacci 1.618 extension of Minor Wave 1, while the longer-term target, Intermediate Wave 3, is the top of Wave 3 Primary at 2940 points.