S&P 500 1-4 PM Update: Upward Wave 4 Sequence (Crash Stopper!)

Nov16spx2

Here’s the 1-4PM Elliott Wave Forecast For the S&P 500 into the end of the day…7 day 1 minute chart.

Best case scenario:  We’ve seen the full 1-2-3 down that fell short of 1.618 and S&P 500 has entered a W4..it needs to hit around 2042-2045 or at .382 to put an end the the vicious downward 3 we’ve seen over the past 1 1/2 weeks.  It could or should happen into the close, so I’m not saying buy yet…it would be 4 before the weakest wave in the sequence, the 5th wave down.

Worst case scenario: We fall short of the full 382 to the 2042-2045 range and we fade into the close setting up the full 1.618 downward 3 to the intended 2000-2006 level.  After that move the real upward 382 W4.

What I’m expecting:  An A=C upward zigzag would target 2042 on the nose intraday, and that would be enough to get the “crash stopper” W4 382.   That’s how I make these bottom calls..look for 1.618 and get 382 which would but a bottom in.  The VIX hit an extreme already so any 5 down would spike it to the 23-25 area and put a cement floor in.

 

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