S&P 500 Morning Forecast 9:45-12PM 12.06.15 – Considering Friday’s Rally, This Ain’t Bad

Dec07spx

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:  

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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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