This is the morning Elliott Wave Forecast For 12.21.15 of the S&P 500 based on the 7 day 1 minute chart…could be 5 waves down into a bottom thanks to the morning gap up…
Best case scenario: The gap up this morning could be at LEAST a 382 W4..if S&P can touch 2025-2027 intraday that would be the W4 before W5 down and reversal 617 or 786 or higher….5 waves down into a “double bottom C wave” with B up to 2077 and C down to where we are now..we just need to get a standard 4 and it would be touch and go bottom reversal..the C wave we’ve seen so far is VERY rare and you pretty much never see it happen..but this formation could be on the verge of reversing big time.
Worst case scenario: Failure to hit 2025-2027 today and a further fade below 1994 into a full zigzag…1980 would be tested minimum before any semblance of a bottom reversal. That would be 1-2-3 down with a full 1.618 W3 in the middle of it.
Where I’m leaning: [ms-protect-content id=”61,117″] – I’m rooting for the 382 W4 here and we may actually get it..NASDAQ is reversing at this moment near the highs so S&P 500 should follow..just that simple 382 W4 move would setup a 5 wave down C wave bottom. [/ms-protect-content]