Nov19fore

This is the Elliott Wave Forecast For 11.19.15 for the S&P 500 on the 4 day 1 minute line chart.  Best case scenario: follow through upward 3 to the 1.618 golden ratio length of 2123-2125.

Best case scenario:  First wave was 2019 to 2067, W2 was in zigzag formation from 2067 to 2047, and the break above the 1.00 retracement at 2067 was the start of a Wave 3 formation.  Highest target if it travels full length of a 3rd wave that’s 1.618 X the 48 point first wave in a golden ratio is 2123-2125.  I’d expect maybe a slight dip at the open that’s bought right away and by late Friday I expect to see that 2123-2125 level hit.

Worst case scenario:  There really is no worst case scenario..but it’s not guaranteed we hit the full 1.618..most of the time a 3rd wave will hit 1.618, and I don’t expect it to be any different with this particular formation..especially with the power.

Where I’m leaning:  Full 1.618 golden ratio W3 to the 2123-2125 target..might form in a slower grinding like formation in the next couple days, but that’s the typical Wave 3 target which is another 35-40 points from here in the S&P 500.