S&P Midday Forecast 1:30-4PM $SPX – 1.00 breakout onto 1.618 move into the minutes

Nov18spx4

This is the midday Elliott Wave Forecast For 1-4:30PM S&P 500 4 day 1 minute chart..best case = Explosive upside move on fed minutes onto 1.618 to the 2120-2125 range..

Best case scenario:  The breakout in the past 10 minutes is a 3 of 3 setup on the fed minutes..this would mean a follow through upside move for S&P and a late day extension to the current rally…1.618 X W1 in a golden ratio Wave 3 would target as high as 2120-2125 on the fed minutes…recently the fed minutes have been explosive up and down on the release, but I’m anticipating the “good explosive”

Worst case scenario: Deep 4 before 5 with resistance at 2072 and a corrective 2 back to 2047.5 to test the previous 4 support level.  This would be 5 waves up into the fed meeting and a real Wave 2 correction.

Where I’m leaning:  The momentum is VERY strong at this point with small retracements so I’m expecting a huge upside move at 2PM when the minutes come out..looks like a clear 1-2-3 pattern with a standard W2 zigzag that held 618 support and broke 1.00 resistance.  Hold tight this could be BoNkErS.

 

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