This is the S&P Elliott Wave Noon Forecast For Nov 24, 2015 based on the 7 day 1 minute chart..best case scenario is a full 1.618 W3 to as high as 2200 short term.
Best case scenario: 2019 to 2097 was the first Wave in a new bullish impulse, the drop from 2097 to 2070 was an ABC zigzag to test 618 support, and held..and the rally from the lows the start of a 3 of 3 impulse move..if S&P breaks 2090 there’s an 80% chance that it travels to as high as 2200 short term in a standard Wave 3..looks like it’s on it’s way today.
Worst case scenario: Failure at 2087 and a drop in a C wave to test 2070 and or 2055-2060 in a full zigzag to 618 support…If 2090 breaks here that scenario would have 0% chance of happening.
Where I’m leaning: Full 1.618 to 2200 is the play should we close above 2090..looks like a standard W1-W2 zigzag into W3 pattern that has an 80% chance of achieving a full Wave3 move to 2200. Pretty standard looking pattern and pretty easy to recognize..