S&P Elliott Wave Forecast For 12.08.15 – Downward C zigzag or downward 3 setup

Dec08spx

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: [ms-protect-content id=”61, 117″] Due to the gap down in the futures, there’s a chance of a full downward 3 to the 2040-2042 level, but if 2063 holds and we rally above 2078  I’d lean towards 2 before 3..it all depends on where the futures gap down and where the open is at 9:30AM… [/ms-protect-content]

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