The price action from the May 23 low supports a (blue) W-i, ii setup, provided it remains above the warning levels: blue (1st warning level for the bulls) at $5870, grey (2nd warning level) at $5841, orange (3rd warning level) at $5805, and red (final warning level) at $5762. Blue W-iii can target $6,125+/25, Blue W-iv $6,000+/-25, and W-v of the then-extended orange W-5 can ideally reach $6,150-6,200. From there, the market can decide whether to add the grey W-iv, v (preferred) or not. For now, we aim to ideally complete the grey W-iii/c, with a subdividing orange W-5 underway.
The Bigger Picture Remains Bullish
Returning to the shifted EW-based roadmap, and considering that there are still no five larger waves from the March 2020 COVID-19 low (see Figure 2 below), we observe the index at the starting gates of the red W-c of the black W-3: green W-1/a.