This is the Elliott Wave Forecast For 12.01.15 9:30-12PM on the 30 day 1 minute chart of the S&P 500..1-2-3 setup to 2200 is the best case potential scenario.
Best case scenario: The first wave was the move from the 2019 low to 2097, and we’re in a sideways ABC flat that’s about to breakout…we’re gapping up about 10, and if S&P can break 2093, it would setup a pure upward 3..highest target could be as high as 2200+ if it travels 1.618 X the 76 point first wave. The setup is A wave from 2097 to 2070, B wave to 2093 and C wave ended yesterday at 2080..best case.
Worst case: Another fade like we’ve been seeing over the past 7 trading days to test 2080..if it fades and breaks 2080 the full C wave would retest at least 2070 to the downside.
Where I’m leaning: If the gap doesn’t fade between 9:30-10AM and we’re near or over 2093 by 10AM, I’d expect a continuation of a Wave 3 pattern break…over the course of the next 7-10 trading days potentially a move that intended 2200 target. There’s a good chance of that with the 1-2-3 pattern breaking after completed an ABC flat.