What I’m expecting 11AM – 1PM: S&P 500 $SPX Elliott Wave Midday Forecast

Nov16SPX11am

What I’m expecting from S&P 500 from 11AM – 1PM based on the 30 day 1 minute chart and the action from 9:30-11AM.

Best case scenario:  European markets are up, but are about to close at 11:30AM…may or may not be good, but past 11:30AM if the SPX can take out 2034, we may see that 2042-2045 upward .382 W4 target.  We need that target to hit really bad to prevent any further damage to the downside in this ferocious downward 3 we’ve been seeing.  By hitting those targets the bottom would essentially be in in a corrective Wave 2 retracing the Aug-Early November rally.

Worst case scenario:  Break below 2025 and intraday low at 2019.39 in a failure to break into an intraday Wave 3. If we fail here and break below 2019.39 in S&P 500, there might be a continuation of a Wave 3 back to as low as 2000-2006 before the actual Wave 4 bounce.

What I’m expecting: In the next 30 minutes we break a new intraday high in DOW and S&P, and get that upward 3, it could hit that 2042-2045 and fading in a 5th wave would be ok.  But a break below 2019.39 I may bottom fish in the 2000-2006 1.618 area, as that would be full length of a Wave 3.

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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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