S&P 500 Elliott Wave Forecast For 12.10.15 – Downward C and 3 Targets

Dec10spx

This is the Elliott Wave Forecast For 12.10.15 based on the 30 day 1 minute chart of the S&P 500..here are the downward C and 3 targets for S&P 500…

Best case scenario:  The ABC is limited to just an A = C..that would target 2033 before a bottom and reversal..however the C wave tends to gravitate towards the low of the A wave, which was 2019, so there should be plenty of support there if this corrective wave is just an ABC flat…or 2033 if the drop from 2104 is “just a zigzag.”  Those two areas should setup a 618 or 786 reversal after a completed ABC.

Worst case scenario: We end up getting the full 1-2-3 down at 1.618..there would be a large gap down by 8AM tomorrow morning and would threaten 2019..a break of 2019 would setup a full 3 to test 1.618 at 1994-1996…1.618 X the 60-62 point W1 = 1994-1996 from the top of the B.

Where I’m leaning: [ms-protect-content id=”61,117″] Based on the mildly slight upside move in the futures (fair value = up 1.50 on S&P E-mini up 7.00) I’d expect a slight gap up and fade into 2033…if 2033 doesn’t hold 2019 at worst..I expect a reversal to the upside, a strong one if either level is tested..hopefully it’s just 2033 and 618 reversal [/ms-protect-content]

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