This is the Elliott Wave Forecast For 12.08.15 based on the S&P 4 day 1 minute chart…there’s a 1-2-3 down or ABC setting up to the downside on this formation..
Best case scenario: Short C wave that holds 618 support in the S&P at 2063 and rallies over the top of the B at 2078 to form an upward 3…there’s a gap down in the futures at this moment (Down 9.25 S&P E-Mini), so the setup for a downward C or 3 is forming…Bulls need 2063 at 618 to hold and rally to prevent any further damage here..
Worst case scenario: Full blown 1-2-3 down on a much larger gap down that wipes out both 2068 and 2063..1-2-3 down would target as low as 2040-2042 or 1.618 X W1 to the downside, or as low as 2019-2022 at the full C wave length…a gap below 2063 would setup this move.
Where I’m leaning:
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