Dec03spx2

This is the noon Elliott Wave Forecast For 12.03.15 on the 7 day S&P 500 1 Minute chart..best case scenario…2055 or 618 X w1 = w3 holds and we finally reverse after a violently fast vicious correction..

Best case scenario: This has the 5 wave down appearance as detailed in the S&P chart, but the 5th wave was not the mild version..it’s the 618 X w1 + w3 version at LEAST…we did get the 382 retracement so we have to swallow this 5th wave for now, and it may head to as low as 2055-2057 before finally reversing…again, it does have the 5 wave down appearance, only the 5th wave was the full nasty 618 X w1 + w2 variety.

Worst case scenario: 2055 breaks and it turns into a full downward 3 at 2.618…this scenario is very rare..maybe 10% of the time it happens, so betting on support at 2055 makes sense here.

Where I’m leaning:  We have to see how 2055 holds here..if it can hold and break 2065 by the close there’s a good chance this is a corrective 2 before upward 3 instead of anything worse…on the 6 month chart it looks like “just a Wave 2”.