Intraday Elliott Wave Forecast For S&P 500 Nov 17, 2015 11-1PM ET…based on 7 day 1 minute chart.
Best case scenario: 786 is just 1 couple points away from breaking S&P 500, and that’s the key breakout level..that’s 786 of the downward C that dropped from 2087 to 2020 in the past week..ABC is now completed if 2065 is broken and we close above today. This scenario basically signals the bottom of the big zigzag we’ve seen since the beginning of November and will signal the start of a huge 3 of 3 move into the end of the year minimum and beyond.
Worst case scenario: resistance at 786 2065 level in the S&P and a test of 618 support down to 2040. Rarely do I see 786 breakouts fail after big zigzags like we saw…failure happens maybe 10% of the time on this formation.
Where I’m leaning: Bottom all the way and year end rally has just begun..this could be quite a “doozy” in terms of size and scale as it could be the 3 of 3 burst coming from the August lows. 80%-90% chance something huge to the upside happens until the end of the year…big bottom in August, and Wave 2 bottom we saw yesterday before 3 of 3.