This is the closing bell Elliott Wave update for 12.08.15 based on the 4 day 1 minute S&P 500 chart…no breakout yet, still trapped in a zigzag or 1-2-3 down.
Best case scenario: Tomorrow S&P holds 2053 and breaks above 2073 setting up a zigzag reversal over the top of the B at 2079..if this scenario develops, the upward 3 would likely form, and take out 2094 setting up the full 1.618 move at best.
Worst case scenario: Still trapped in a zigzag at this moment with no real breakout yet…2073 is the crucial level that needs to break..if there’s major resistance there and deflects back down below 2053 we could see at least 2019 or as low as 1994 in a full downward 3..the impulse down scenario to that level is a very real scenario..
Where I’m leaning:
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