S&P 500 Morning Update 9:45-12PM – Pop to 382 may have single handedly stopped the C wave


This is the morning Elliott Wave Forecast For 12.10.15 9:45PM-12PM of the S&P 500 based on the 30 day 1 min chart…this morning S&P is up almost 7 points and hit 382 moments ago..the C might be over.

Best case scenario:  The intraday spike hit 382 at 2055 moments ago..that’s the upward w4 which would single handedly stop the C or downward 3, and any drop here would be a mild 5 before another bigger 618 reversal…if I see that 5th wave down after this upward 4 spike, it wouldn’t be bad idea to bottom fish here for the 618 reversal.

Worst case scenario:  The 5th wave, should it appear after this 4th wave, is the really big version would would drop down to test the zigzag target level of 2033 before reversing…that doesn’t sound too bad, yes, because 4th waves pretty much stop any downward C or 3 momentum and helps bottom formations like this.

Where I’m leaning: [ms-protect-content id=”61,117″] C wave would test 2033 at worst here if there’s resistance at 382, but in either case, where we are now or 5th wave, I expect a much bigger reversal this afternoon…I was thinking gap down 3, but the reversal at the open buffered any momentum to the downside..I’d be a buyer in this area [/ms-protect-content]

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