Dec01spx3

This is the Elliott Wave closing bell update for 12.01.15 on the 2 day 1 minute chart of the S&P 500…I’d be suprised if this formation doesn’t breakout…essentially.

Best case scenario:  Intraday 2098 to 2087 in the fade was an A, we got a 2 wave B wave to 2095, followed by the C wave that held support at 2091…this should be W1, W2 ABC flat into a W3, and if it works out there’s a good shot at a long extended grinding Wave 3 that could take S&P 500 to as high as 2200 by year end.

Worst case scenario:  Failure at 2097 and a drop in a C wave that breaks previous C wave support at 2091..if this happens we may see 2087 again….

Where I’m leaning:  ABC flat 2 into W3 is what I’m rooting for and S&P is just 1 point away from breaking out above 1.00..if this happens I’d continue to stay long…I have UPRO and TQQQ 1000 shares of each.