This is the Elliott Wave Forecast of the S&P 500 for 12.15.15 based on the 30 day 1 min chart…what we need to get the S&P to bottom after 3 waves down at 1.618.
Best case scenario: The futures are indicating a slight upside move, but S&P 500 would need to hit at least 2032 or 382 in an upward 4 of the entire downward 3 that terminated at 1993.25 earlier today..if we get that, all that would be left is a mild 5 down to retest the low of the 3 …after the 4-5 I’d expect at 618 reversal to at least 2062 or higher in a 786 reversal..
Worst case scenario: Failure to hit 382 at 2032 would results in an extension of the downward 3…worst worst case is a retest of 1993 to the 1980-1985 range before finally reversing in a 618 move in a bottom.
Where I’m leaning: [ms-protect-content id=”61,117″] 4 up should come easily and quickly to 2032, and I’d expect 4 up tomorrow with the start of a 5 down into the fed decision on Wed…and with the fed decision, a deflection to the upside in a big way on a bottom. [/ms-protect-content]