S&P 500 Closing Bell Update 12.16.15 – Broke 786…barely..but = bottom confirmation

Dec16spx2

This is the closing bell Elliott Wave Update For S&P 500 based on the 30 day 1 min chart…S&P nearly broke 786 of the entire C wave at 2070 setting up a bottom formation..

Best case scenario: ¬†We got a big zigzag with a C wave that was a rare 1.618 version…got 4-5 truncation and kaboom reversal…on this reversal we broke 618 fibonacci retracement and nearly 786 at 2070-2072..if we close above that level that would pretty much confirm the bottom into a Wave 3..a big one possibly to 2400 with a full head of steam and scare retracements..

Worst case scenario: Resistance at 2072 followed by a C wave down to retest 2040…very rare that this scenario would happen but I’m throwing it out there…10% chance that happens.

Where I’m leaning:

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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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