This is the Noon Elliott Wave Update For the S&P 500 3.28.16..best case zigzag scenario:
Best case scenario: After 5 waves up from 2007 to 2057 we’re correcting in a standard corrective Wave 2 zigzag…what we need is for S&P to break the intraday high above 2042 and above 2045 or the top of the B to prevent a downward C and remain in the framework of a regular ABC zigzag..if we get this scenario we could reach higher highs by the middle of the week.
Worst case scenario: Worst case scenario is a downside break of 20278 and 2023…a break of 2023 would setup a downward C that would test and or break 2005, and worst a downward 3 would take it to the 1975-1980 range.
Where I’m leaning: [ms-protect-content id=”61,117,1559″] I could see the S&P take out 2042 today..from the open we’ve faded in a zigzag which could easily reverse, and a break of 2045 would get me long again on the UPRO for a Wave 3 setup. [/ms-protect-content]