S&P 500 Noon Update 12.07.15 – We got .382 upward 4 retracement..Intraday bottom?

December 7, 2015

This is the noon Elliott Wave Forecast For 12.07.15 based on the S&P 2 day 1 minute chart…we got 1-2-3-4 down with the 382 W4 hitting moments ago..intraday bottom? Considering how wild the market has been the past 4-5 trading days, it could easily happen here.

Best case scenario: S&P is retracing in a corrective W2 impulse style…that would be 1-2-3-4-5 down before a reversal near positive. We got the 382 W4 upward retracement to stop the 3 that started from 2092 all the way down to 2067.5, which means the beef of the downward 3 is over, or completely over..we could get past 618 above 2081 by end of the day at this point.

Worst case scenario: S&P got the 1-2-3-4 down with 382 upward 4, yes, but the 5th wave, if it’s a “big” 5th wave that’s 618 X W1 + w3 would find resistance at 2076 and fade down to 2060-2063 at 618 support before finally reversing in a big way.

Where I’m leaning:

The content you are trying to access is only available to members. Sorry. Please Click Here To Register.

In : Chart Review

About the author

wavegenius

The secret of many top analysts and traders...(in fact mutual fund managers, hedge fund traders and even a couple seat owners of the NYSE are subscribers!) Wavegenius.com. Ted "Wavegenius" Aguhob since 2001 has profited on 80%-88% of his trades EVERY year since the inception of his blogs and websites..Ted has made and incredible amount of calls during this period including: 1778% gain in 03-04 from swing trades, The 2009 bottom lows of S&P DOW and NASDAQ literally right on the number, the massive 3rd waves when SPX made it's run from just over 1000 to 2400+ that we're seeing now (these calls were written by Ernie Varitimos on articles on the FRONT PAGE of TheStreet.com, Yahoo Finance and MSN Money for a week), The exact all time low of Apple and Facebook and the huge move that followed on Youtube videos, and he's had Top 20 Charts of stocks that 90%-100% of the time were accurate...at the time the calls were considered insane to most and hundreds of his charts have been like that..until they actually happened...as a result Ted with a tiny audience made almost $177,000 in 2013 as one of the top earning blogs in the country. His following is beyond fanatical, and has been hidden away for many years with many websites and competitors refusing to partner with him..mostly because he'd walk in there and take away many subscribers and traffic from them...