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.