S&P Closing Bell Elliott Wave Update 3-4PM 12.08.15 – Zigzag or 1-2-3 down still

Dec08spx4

This is the closing bell Elliott Wave update for 12.08.15 based on the 4 day 1 minute S&P 500 chart…no breakout yet, still trapped in a zigzag or 1-2-3 down.

Best case scenario: Tomorrow S&P holds 2053 and breaks above 2073 setting up a zigzag reversal over the top of the B at 2079..if this scenario develops, the upward 3 would likely form, and take out 2094 setting up the full 1.618 move at best.

Worst case scenario:  Still trapped in a zigzag at this moment with no real breakout yet…2073 is the crucial level that needs to break..if there’s major resistance there and deflects back down below 2053 we could see at least 2019 or as low as 1994 in a full downward 3..the impulse down scenario to that level is a very real scenario..

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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