Elliott Wave Update For S&P 500 3.08.16 – Best Case/Worst Case

Mar08spx

This is the Elliott Wave Noon Update For 3.08.16 for the S&P 500 based on the 5 day 1 minute chart…Best Case/Worst Case zigzag or downward 3 scenario.

Best case Scenario: S&P 500 formed a 4 up before 5 down on the intraday low..it would retest 1977-1980 and reverse back over 786 at 2000 to setup a zigzag and reversal scenario.  A wave would be 2008 to 1990, B wave up would be 1990 to 2006 and C wave is 2006 to the 1977-1980 range with a C wave about to complete in a 4-5 down..ideal zigzag and reversal scenario.

Worst case scenario S&P:  C wave support doesn’t hold at 1977-1980 and we get a downward 3 to the 1962-1965 range before any kind of bounce..at this point that would be a big extended 5 or a downward 3 follow through.

Where I’m leaning on S&P: 

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