This is the noon Elliott Wave Forecast For S&P 500 11.20.15 on the 7 day 1 minute line chart…how much further do we have? Well 1.618 is 2125, or 30 more points.
Best case scenario: I believe 100% we’ve clearly bottomed..no doubt about it..the question is how far is the initial impulse off the lows? How far is 1-2-3 from 2019? Well, first wave was 48 points, and 1.618 X 48 = 77.6 points, an off the 2047 low that would target 2120-2125…we have plenty of upside to go here, and 2125 is actually pretty conservative considering that the first wave from the AUGUST and OCTOBER lows were MASSIVE. 2400-2420 is my mid term target.
Worst case scenario: Like Guy Adami would say “DOUBLE TOP DOUBLE TOP” which is a complete joke, because he’s a complete joke…we’re 100% headed to 2400-2420 by next year..and at least 2125 in the short term. I’ll bet when I turn on CNBC this afternoon, the idiots at Fast Money will be calling for it, and the bears who are still short are praying for it.
Where I’m leaning: Definitely 2125 short term, and 2400 by next year…the patterns are EXTREMELY powerful 1-2-3 moves off a very scary August crash. This is like the W2 from 2011, where VIX hit 53..53 was the same reading from the 2011 european crisis crash that we got last August.