This is the S&P Elliott Wave Morning Update For 2.01.16 based on the 15 day 1 min chart of S&P. Looks like a continuation of a 3 if this occurs..
Best case scenario: W1 was 1810 to 1910 or 100 points, W2 was a flat ABC and W3 would travel 162 points from the low of W2 from 1875 to 2035 in a full 1.618 X W1, W3. This morning’s gap down was mild and if S&P can break 1937 today and close at the highs it would setup a 3 of 3 formation to as high as that 2035 target..that’s pretty much the only target I have right now…very powerful cup and handle 2 before 3 formation.
Worst case scenario: Failure to hold 1920 intraday and a sudden dive below 1900 to retest 1875 in a 5th wave..alternate scenario is 5 waves up.
Where I’m leaning: [ms-protect-content id=”61,117″] 1-2-3 setup to 2035 looks clear cut at this point and I’d use any breakouts from intraday dips to buy to ride a potential 3 of 3 at this point. [/ms-protect-content]