This is the Elliott Wave Noon Update For 3.08.16 for the S&P 500 based on the 5 day 1 minute chart…Best Case/Worst Case zigzag or downward 3 scenario.
Best case Scenario: S&P 500 formed a 4 up before 5 down on the intraday low..it would retest 1977-1980 and reverse back over 786 at 2000 to setup a zigzag and reversal scenario. A wave would be 2008 to 1990, B wave up would be 1990 to 2006 and C wave is 2006 to the 1977-1980 range with a C wave about to complete in a 4-5 down..ideal zigzag and reversal scenario.
Worst case scenario S&P: C wave support doesn’t hold at 1977-1980 and we get a downward 3 to the 1962-1965 range before any kind of bounce..at this point that would be a big extended 5 or a downward 3 follow through.
Where I’m leaning on S&P: [ms-protect-content id=”61,117″] Would like to see 4-5 down and reversal over 786 by Thursday over 2000 to setup a contiuation of an upward 3 to the intended 2100+ target..my intial target was 2010-2020 and we got that on a 618 reversal. [/ms-protect-content]