Elliott Wave Morning 9:30-11AM Forecast For $SPX S&P 500 – Zigzag and breakout potential

PNov18spx2

This is the morning Elliott Wave Forecast for November 18th 2015, with a potential move of 70-75 points of upside in a Wave 3(!)

Best case scenario:  The move from 2019 to 2069 was the bottom and a Wave 1 impulse into a zigzag Wave 2…at the open I’m expecting a 786 breakout due the to futures above 2060 setting up a Wave 3 into another big rally…this rally is likely to last 2-3 days into the end of the week with a high target of 2125 before any type of corrective move..this would be 1.618 X W1 in a golden ratio Wave 3 move.

Worst case scenario:  Failure at 2060 and drop below 2047 setting up a downward 3 or C to test the 618 fibonacci retracement level W2 of 2037.5…it would have to hold that level to keep the impulse move off the 2019 low in S&P 500 intact.

Where I’m leaning: 80% upside formation…zigzag after impulse that holds 618 and a 786 breakout setting up a Wave 3. I’m leaning heavily towards the 1.618 W3 move on this breakout to the 2120-2125 level.   Looks like pretty much a no brainer 3rd wave reversal and breakout formation, and getting in on the breakout at the open would be a great setup.

About the author

CEO Ted Aguhob, Master Elliottician and Technical Analyst, Day And Swing Trader, Website Designer And Marketer, Artist, Producer and Musician has provided content to gemxwave.com, wavegenius.com and masterofcharts.com for over 14 years. The biggest breakthrough as a blogger came in 2013 when Wavegenius.com produced a net profit of over $177,000 and became one of the highest earning blogs in the entire country. Many of his biggest and most amazing calls appeared on major financial websites like Thestreet.com, Yahoo Finance and MSN Money, was a radio personality on Washington DC Radio, and has a following in the tens of thousands for many years. Ted is known for his charisma, vision, creativity and better yet.."genius."

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