This is the morning Elliott Wave Forecast For 12.05.15 on the 3 day 1 min chart of S&P 500…considering how far S&P rallied on Friday, this dip isn’t that bad..relatively speaking.
Best case scenario: If this doesn’t reverse and turn positive in the next 15-30 mins, previous 4 support is at 2070..that’s a long way from here, but S&P rallied almost 50 points from Thursday’s low so a retracement of that size COULD happen…however, if the dip buyers come in here shortly and push the S&P to positive I can see 2107-2110 being tested to the upside at 1.00… 786 was broken at closed above at 2090 Friday so that should give incentive for buyers to ramp S&P higher today..like way higher..
Worst case scenario: No dip buying and we automatically tank to 2070 to test previous 4 support or 618 support in a W2…worst worst case is a full C wave back to 2019, but I seriously doubt that. That would require a serious fundamental issue in the middle of the day, god forbid.
Where I’m leaning: