This is the noon Elliott Wave Forecast For 12.22.15 of the S&P 500…appears 5 waves down may have completed already before 618 reversal.
Best case scenario: S&P 500 may have seen 5 waves down complete with the 5th wave truncating yesterday afternoon and the gap up 618 reversal is happening now…618 would be at least 2045 to the upside and if it’s a true bottom 787 would break at 2052 and setup another 3rd wave move.
Worst case scenario: Resistance at 2045 or 618 reversal target followed by a downside break of 2007 into 1987-1990 or 618 X W1 + W3 in a true 5th wave.
Where I’m leaning: [ms-protect-content id=”61,117″] 2045 is a possibility today with the intraday Wave 3 breakout..may seem like a stretch to see that, but consider how fast down we came…typically the 618 reversal is equally as strong and fast so that could easily happen. [/ms-protect-content]