This is the morning Elliott Wave Forecast based on the 30 day 1 min chart of the S&P 500…looks like the start of a big C or downward 3..targets:
Best case scenario: 2042-2050 holds and we rally above 2070 by the close..that would be a zigzag retracing the move from 2042 to 2094 in a W2 move.
Worst case scenario: By the close 2042 is broken and we either get a full C or 3 down…a full C would target the start of the A wave at 2019, and worst case is a full 1.618 downward 3 to test 1994..that would be W1 = 2104 to 2042, upward 2 = 2042 to 2095 and downward C 2094 to 2019 or downward 3 from 2094 to 1994. The charts are really broken right now on this gap down.
Where I’m leaning: [ms-protect-content id=”61,117″] The charts are broken enough to setup a really nasty push down..I may go short myself if I see 2042-2050 broken by the close in anticipation of a big downward 3..the volatility is starting to act like August again. [/ms-protect-content]