This is the Noon Elliott Wave Update For 12.29.15 based on the 30 day 1 minute chart of the S&P 500…there’s a 1-2-3 pattern setting up off the recent lows into a Wave 3..
Best case scenario: The move from 2072 to 2005 was a C wave and the rally off 2005 was the start of a bullish impulse and bottom confirmation..if this is the case we’d be seeing 1-2-3 off the lows and the highest target based off the 60 point W1 would be a 90-100 point W3 off the 2045 low to 2135-2145 if it’s a pure W3 that travels 1.618 X W1.
Worst case scenario: We’d find resistance right where we are at the top of the B and fade dramatically into the close in a double B before downward C..2005 would be retested quickly..
Where I’m leaning: [ms-protect-content id=”61,117″] This pattern has an 80% chance of forming an upward 3 and a 20% chance of dropping into a C…if the indices close at the highs today there’s 0% chance of a c wave and 100% chance of a W3 to that 2145 target. [/ms-protect-content]