This is the morning Elliott Wave Forecast of the S&P 500 for 12.15.15 based on the 30 day 1 min chart. 1-2-3 potential scenario to 2066 (618) 2080 (786) or 2100+ (1.618)..
Best case scenario: Pre-market the S&P is breaking above yesterday’s zigzag high setting up another upward 3..highest target could be 2100-2105 on a 1.618 move if this is a Wave 3…but it would need to clear 618 at 2066 and 2080 at 786 to create the full upward 3 and bottom and I expect that as soon as today or tomorrow.
Worst case scenario: Immediate fade at 2054 below 2040 setting up a W2 to test 2025 at 618 fibonacci support..I’ve seen it happen like that before, so make sure we’re above 2054 at the open if you’re going to buy, or past 2054 past 10AM today at least..
Where I’m leaning: [ms-protect-content id=”61,117″] Expecting 1-2-3 to 2100 or higher based on the zigzag and bottom reversal, but I may buy at the open and go for the 2066 or 2080 move in UPRO (parallel to SPX) [/ms-protect-content]