S&P $SPX Elliott Wave Forecast For 11.18.15 – W1-W2-W3 to upside 1.618?


This is the Elliott Wave Forecast For Nov 18, 2015 S&P 500 2 day 1 minute chart. Potential scenario 1-2-3 to as high as 2125-2130 if the best case formation forms tomorrow.

Best case scenario: First wave from 2019 to 2067 was the W1 after a bottom, the drop from 2067 to 2047 late in the day was a zigzag wave 2, and any gap up we need to break at least 2057.5 or .786 of the C wave down.  If we break that level at the open it would setup a 3rd wave..highest target could be as high as 2125-2130 if it rallies 1.618 X the 68 point first wave in a golden ratio 1.618 Wave 3.   That would W1 W2 into a Wave 3.

Worst case scenario:  We gap down to test 2037.5..that would be downward 3 from the intraday high today and a test of 618 support..we need to hold that level to help protect the W1 low of 2019.  Worst WORST case is a complete failure and breakdown below 2019 setting up a downward 3 to 2000.

Where I’m leaning:  The futures aren’t gapping down at this point at 9:44PM ET and are slightly positive..if they pop 4-6 points it would take out that 2057.5 level and setup a big rally day into a Wave 3.

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