S&P 500 Noon Update 12.08.15 1-3PM – Dangling over the edge..but

Dec08spx3

This is the Noon Elliott Wave Forecast For 12.08.15 on the 30 day 1 minute S&P 500 chart…still dangling over the edge, although it did make an attempt at green..

Best case scenario: S&P holds 618 support at 2061-2062 and rallies over the intraday high at 2073..that would setup a reversal over the top of B at 2079 or 786 at 2082…at this point however, the fade from the intraday highs didn’t help at all..it’s making it very hard to reverse unless NASDAQ goes completely hog wild into positive at the close and carries everything up.

Worst case scenario: Failure to hold support at 2061 followed by a break of the intraday low at 2053..that would setup a continuation of a downward 3 to as low as 2019 or 1994 in a full downward 3..the fade from the highs setup this type of move, so DOW and S&P better start reversing here ..quick

Where I’m leaning: [ms-protect-content id=”61,117″] Because of the failure to go positive, either the momentum of this failure causes a full downward 3 to as low as 1994 in S&P 500, or the momentum of NASDAQ helps buffer the drop and causes a bigger reversal in S&P 500…it’s 60/40 that I expect that downward 3 at this point unless there’s that bigger NASDAQ reversal here.. [/ms-protect-content]

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