S&P Elliott Wave Update 3.15.16 – Ran into gap down 2 before 3 at best

Mar15spx

Best case scenario S&P:  Best case scenario is the gap down move today is a 2 before 3, and we end up rallying back to the green by the close, setting up a W3.  Dip buying is all we’ve seen since the recent bottom so I wouldn’t be surprised to see that move.

Worst case scenario S&P: Worst case is 2005 intraday support breaking and we see a test of at least 618 support at around 1992 on the 10 day 1 minute chart..that would be an ABC move to correct the entire rally from 1970 to 2023 that we’ve seen recently.

Where I’m leaning: [ms-protect-content id=”61,117″]I’m anticipating S&P to try to turn green by the end of the day..it’s only about a 7-8 point reversal move from these levels so it wouldn’t be that hard.. [/ms-protect-content]

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