[Chart] S&P 500 $SPX Visual Elliott Wave Update 4.04.16 – Intraday zigzag and reversal 12:35PM

Apr04spx

This is the Noon Elliott Wave Update For S&P 500 2 Day 1 Min chart..intraday zigzag and reversal..

Best case scenario: We completed an intraday ABC zigzag right at A = C before a 1.00 reversal and beyond…the rally off the lows touched 786 at 2072, and it needs to clearly break 2072 this time around to setup a full upward 3…2090 in a couple days isn’t out of the question on this move.  I called this move at 11:26AM perfect but we need to clear 2072 to breakout completely.

Worst case scenario: Failure to break 2072 and a break below 2066 setting up a bigger zigzag to test 2058-2060..we haven’t cleared 786 so this potential “bigger zigzag” scenario is still in play..but at a low percentage potential.

Where I’m leaning: [ms-protect-content id=”61,117,1559″]  We need all 3 indices to turn positive and SPX to clear 2072 today to setup a launch into the close..I’m still long the TQQQ so I’m waiting to see 2100 SPX before I’d sell here…breakout and rally is also a UPRO setup so I may buy it if the 2072 level is cleared [/ms-protect-content]

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