$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.

 

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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