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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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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