S&P 500 Closing Bell Update 12.16.15 – Broke 786…barely..but = bottom confirmation

Dec16spx2

This is the closing bell Elliott Wave Update For S&P 500 based on the 30 day 1 min chart…S&P nearly broke 786 of the entire C wave at 2070 setting up a bottom formation..

Best case scenario:  We got a big zigzag with a C wave that was a rare 1.618 version…got 4-5 truncation and kaboom reversal…on this reversal we broke 618 fibonacci retracement and nearly 786 at 2070-2072..if we close above that level that would pretty much confirm the bottom into a Wave 3..a big one possibly to 2400 with a full head of steam and scare retracements..

Worst case scenario: Resistance at 2072 followed by a C wave down to retest 2040…very rare that this scenario would happen but I’m throwing it out there…10% chance that happens.

Where I’m leaning: [ms-protect-content id=”61,117″] This 786 breakout, even though a mild breakout with a pullback, confirmed the bottom, at least to me, before a ABC zigzag or flat into a Wave 3 up..I’ll be riding it up to the 2400 level shortly =) [/ms-protect-content]

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