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: [ms-protect-content id=”61,117″] The momentum is strong, so if we cap out this upward 4 at 2076 I’d expect to see 618 fibonacci support tested by the close at 2060-2063..but I do expect this to happen fast and reverse into the close near 618 [/ms-protect-content]