This is the Noon Elliott Wave Forecast For 12.14.15 for the S&P based on the 30 day 1 minute chart…best case scenario is we bottomed at my exact 1.618 target (1994) and are about to get 382 upward W4 to end the 3.
Best case scenario: Again, 1.618 target was 1994, and we hit 1993.26 intraday..I was calling this since the upward 2 at 2067, and it looks like we are getting semblance of an upward 4 right now…upward 4 would target 2032, and if we hit that level this week it would put an end to the big downward 3 we’ve seen since the 2094 high a couple weeks ago. VIX hit almost 27 today which is almost “auto-bottom” reading. Peak levels in VIX over the past few years have been average 25-27 with a couple 53’s which are rare (we saw that big reading already in August of this year)
Worst case scenario: Failure to reach 2032 this week would mean we will see a “3 from hell” ..that would be 2.618 X W1 without an upward 4 to stop to it..so 2032 is very important to get in an upward 4 here.
Where I’m leaning: