S&P 500 Elliott Wave Noon Update 12.29.15 – 1-2-3 pattern setting up into a W3

Dec29spx

This is the Noon Elliott Wave Update For 12.29.15 based on the 30 day 1 minute chart of the S&P 500…there’s a 1-2-3 pattern setting up off the recent lows into a Wave 3..

Best case scenario:  The move from 2072 to 2005 was a C wave and the rally off 2005 was the start of a bullish impulse and bottom confirmation..if this is the case we’d be seeing 1-2-3 off the lows and the highest target based off the 60 point W1 would be a 90-100 point W3 off the 2045 low to 2135-2145 if it’s a pure W3 that travels 1.618 X W1.

Worst case scenario:  We’d find resistance right where we are at the top of the B and fade dramatically into the close in a double B before downward C..2005 would be retested quickly..

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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