This is the morning elliott wave forecast for the S&P 500 on the 30 day 1 minute chart…this is the full look of the bottom and the next level that needs to be broken.
Best case scenario: Zigzag from 2117 completed…A wave was 2117 to 2070, B wave was 2058 to 2087, and the C wave 2087 to 2019..the rally off the lows broke 786 of the C wave and at the open today, 1.00 of the entire C wave…next level that would 100% confirm the bottom is 2097, or 786 of the entire zigzag. If that breaks today there’s potential for a year end rally or into next year to as high as 2400-2420 if 1.618 X the first wave off the August-Oct bottom. (both hit the same level)
Worst case scenario: failure at the top of the B at 2087 and a quick W2 drop into the open…that would setup a retest of 2050 at worst…
What I’m expecting: After such a huge rally yesterday, the futures were up big pre-market but began to descend at around 8AM in a zigzag..the pop at the open will happen, but at a smaller scale..I do however believe they will buy that dip and attempt the 2087 level onto 2097.