S&P 500 Elliott Wave Noon Update 12.04.15 – Levels that need to be broken

Dec04spx3

This is the noon Elliott Wave Forecast For 12.04.15 of the S&P 500 based on the 4 day 1 minute chart..here are the levels that need to break at 618 and 786 and best case/worst case scenarios:

Best case scenario:  We close above at least 2080 at 618 and follow through on Monday over 786 at 2090..if this happens that would complete the entire ABC flat Wave 2 formation we’ve seen over the past week..once this formation completes and we end up taking out 2090 the upward 3 would be huge..as high as 2350-2400.

Worst case scenario:  Resistance right at 618 at 2080 (which was the intraday high) and a reversal to the downside to test 2040 and as low as 2019 to complete the intended target of a C wave.

What I’m expecting: [ms-protect-content id=”61,117″] If S&P holds support at 2064 and breaks 2080 again I’d expect to see 2090 break by next week and form that big upward 3 to 2350-2400..at this point in the day it looks good for that breakout. [/ms-protect-content]

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