S&P $SPX Elliott Wave Forecast For 11.18.15 – W1-W2-W3 to upside 1.618?

Nov18spx

This is the Elliott Wave Forecast For Nov 18, 2015 S&P 500 2 day 1 minute chart. Potential scenario 1-2-3 to as high as 2125-2130 if the best case formation forms tomorrow.

Best case scenario: First wave from 2019 to 2067 was the W1 after a bottom, the drop from 2067 to 2047 late in the day was a zigzag wave 2, and any gap up we need to break at least 2057.5 or .786 of the C wave down.  If we break that level at the open it would setup a 3rd wave..highest target could be as high as 2125-2130 if it rallies 1.618 X the 68 point first wave in a golden ratio 1.618 Wave 3.   That would W1 W2 into a Wave 3.

Worst case scenario:  We gap down to test 2037.5..that would be downward 3 from the intraday high today and a test of 618 support..we need to hold that level to help protect the W1 low of 2019.  Worst WORST case is a complete failure and breakdown below 2019 setting up a downward 3 to 2000.

Where I’m leaning:  The futures aren’t gapping down at this point at 9:44PM ET and are slightly positive..if they pop 4-6 points it would take out that 2057.5 level and setup a big rally day into a Wave 3.

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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