$SPX $ES_F Elliott Wave Noon Update – 50/50 – Best Case/Worst Case

Dec01spx2

This is the Elliott Wave Noon Update For 12.01.15 on the 2 day 1 minute chart for the S&P 500..either we break DOWN or break UP like crazy.

Best case scenario:  Intraday the S&P spiked way up at the open and broke 1.00 by a fraction, only to be met with a huge fast fade to 618 support, which held..however we’re in a 50/50 (now 60/40 to upside based on this chart) scenario where the S&P breaks down into a downward 3 and goes negative (786 would break at 2089), or breaks out into a huge upward 3…the upward 3 scenario would involve a clear 1.00 break of 2095.5 or 100% of the B wave and setup that move.

Worst case scenario:  Again, 786 support would break to the downside at 2089 setting up a downward 3..target would be as low as 2080 or negative into the close..that would be the low of the C wave and create a new flat corrective scenario.

Where I’m leaning: At this point it looks like we could break to the upside, but it’s at at 60/40 chance right now of that happening..I am however still holding both my positions in TQQQ and UPRO unless it really becomes threatening here.

 

 

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