SPX is in Impulse from major low made due to Corona Low in 4 hr chart. It is in 5th of 5th wave in 30 min time frame.
It is in 5th of 5th of 5th wave, which goes up to maximum level of 3354, because otherwise the 3rd wave of 5th wave cycle will be shortest in length, which never allows in EW Theory and above that level it can be counted as 1-2 (1)-(2) as extension.
So 3354 will be maximum allowed level for this impulse cycle. Once the price broke the level below 3287 (4th of 5th of 5th wave) ,then the impulse would be considered as over and can go for bearish trade set up with stops above high made in 5th wave.
It is very easy set up to trade with clear guide line.
It is in 5th of 5th of 5th wave, which goes up to maximum level of 3354, because otherwise the 3rd wave of 5th wave cycle will be shortest in length, which never allows in EW Theory and above that level it can be counted as 1-2 (1)-(2) as extension.
So 3354 will be maximum allowed level for this impulse cycle. Once the price broke the level below 3287 (4th of 5th of 5th wave) ,then the impulse would be considered as over and can go for bearish trade set up with stops above high made in 5th wave.
It is very easy set up to trade with clear guide line.