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.

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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