S&P 500 $SPX Closing Bell Update: Zigzag near completion and Wave 3 gap on Monday?

Nov20spx3

This is the closing bell forecast for S&P 500 on the 2 day 1 minute chart..closing the day on a zigzag but I expect a continuation gap up on Monday to the 2125 level..

Best case scenario:  Zigzag from the high intraday is completed on an A = C formation, and we rally into the close above 786 of the C wave to 2090..this would setup a gap up on Monday and carry the last part of the 5 of 3 to 2120-2125 for the S&P.  We still have not completed 1.618 yet in a golden ratio Wave 3.

Worst case scenario:  Short W3 that’s short of 1.618 of the W1…we’d fail here and drop below 2085 setting up a retest of the previous 5 in the 2078 range.  That would be 4 of 3 before 5 of 3.

Where I’m leaning:  I expect 1.618 to form at 2125, but they aren’t making it easy…this zigzag does look complete so a gap up on Monday to setup a continuation of a Wave 3 is the play.   I have UPRO 1000 shares at 67.51 and I also have 1000 TQQQ at 124.01..I plan on holding into next Monday at least.

 

 

 

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