Dec03spx

This is the elliott wave forecast for the S&P 500 12.03.14 10-12PM ET…best case scenario: 2070 holds on 5 waves down and we reverse 618 to 2092 min.

Best case scenario:  On the 7 day 1 minute chart, from the 5th wave high of 2104, we have 5 waves down about to complete and reverse…clearly W1 from 2104 to 2092, upward 2 to 2097.5 , downward 1.618 to 2077.5, upward 382 W4 to 2085 and now the 5th wave…2070 is also the previous 4 support where W2’s usually retrace to, so I’m betting 2070 holds and by the end of the day the 618 reversal forms..min would be 2092 or 786 at 2097..

Worst case scenario:  2070 breaks and we test 2055 at full 618…that would be a rare extended 5th wave, but at this point 2070 would be 618 X w1 + W3 which is the typical length of a 5th wave.

Where I’m leaning:  The magic of the 5 wave pattern is likely to unfold, and we test that region…618 would come fast and furious and retrace a large chunk of yesterday’s correction.