This is the pre-market Elliott Wave Forecast For 3.29.16 for the S&P 500…Best Case/Worst Case – 2 up before 3 down or 2 before 3 up?
Best case scenario: The best case scenario would involve S&P gapping down, but at 618 support at 2029..if it can hold 2029 and reverse over 2037 it would setup a 2 before 3, and we may see a rally over 2042 by the close..this would be after an ABC zigzag from 2057 to 2023 as detailed on the chart…W1 would be 2023 to 2042 and again this would be 2 before 3.
Worst case scenario: The worst case scenario would involve S&P gapping down but breaking through 2029 and 2023..a C wave would drop to as low as 2007-2010 before any semblance of a reversal..NASDAQ’s weakness and choppy B wave action may set this up.
Where I’m leaning: [ms-protect-content id=”61,117,1559″] It all depends on how the S&P reacts to 2029 should it be touched at the open…if that support holds and breaks 2037 we could see 2 before 3 with the intended target originally to 2100 or the top of the B wave …this would be a continuation of a Wave 3. [/ms-protect-content]