S&P 500 Noon Update 12.07.15 – We got .382 upward 4 retracement..Intraday bottom?

Dec07spx3

This is the noon Elliott Wave Forecast For 12.07.15 based on the S&P 2 day 1 minute chart…we got 1-2-3-4 down with the 382 W4 hitting moments ago..intraday bottom?  Considering how wild the market has been the past 4-5 trading days, it could easily happen here.

Best case scenario: S&P is retracing in a corrective W2 impulse style…that would be 1-2-3-4-5 down before a reversal near positive.  We got the 382 W4 upward retracement to stop the 3 that started from 2092 all the way down to 2067.5, which means the beef of the downward 3 is over, or completely over..we could get past 618 above 2081 by end of the day at this point.

Worst case scenario:  S&P got the 1-2-3-4 down with 382 upward 4, yes, but the 5th wave, if it’s a “big” 5th wave that’s 618 X W1 + w3 would find resistance at 2076 and fade down to 2060-2063 at 618 support before finally reversing in a big way.

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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