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]