This is the Noon Elliott Wave Forecast For November 18th 2015. S&P 500 1-2-3 pattern to potentially 2125 about to break(!)
Best case scenario: DOW already broke 1.00 so SPX should follow here shortly..a clear break of 2063 would setup a follow through 3 of 3 to as high as the 2120-2125 range..that would mean that the bottom reversal from 2019 to 2066 was Wave 1, W2 was a zigzag correction from 2066 to 2047 and the spike reversal today is the start of a Wave 3… 2120-2125 is 1.618 X W1 in a golden ratio 3rd wave move, and the only logical move right now.
Worst case scenario: Failure at 2066 and a C wave drop to test 2047 in an ABC flat. That scenario is fine as that would be another Wave 2 formation.
Where I’m leaning towards: Easily this is a Wave 1, Wave 2, Wave 3 setup to the full 1.618 Wave 3 move…the pattern is fast, the zigzag is identifiable, and the breakout looks clear at this point at least in the DOW…I’m going for the full 618 reversal to the targeted 2120-2125 level before I’d sell all my positions..going long any point here is fine..low risk move.