Nov25spxThis is the Elliott Wave Forecast For 11.25.15 of the S&P 500 on the 15 day 1 minute chart. Potential targets 2200 short term and 2400 by next year..

Best case scenario:  The move from 2019 to 2097 in S&P was the first wave, we got he w2 correction back to 2070 that held 618 fibonacci support, and the rally off the lows from 2070 is the start of a Wave 3..a simple break of 2097 at 1.00 would setup the 3rd wave..and the close above 786 would also trigger it..2200 would be the 1.618 move off of this pattern short term, and longer term from the August lows, these broken resistance levels would setup a move to as high as 2400 by next year.

Worst case scenario:  Short term, there’s a tiny chance we fail at 768 and gap down to test 2070 and 2055-2060 in a C wave..I give it a 10% chance because we already broke resistance when the indices rallied off the lows this afternoon.

Where I’m leaning: Looks like pretty obvious 3rd wave setup with a zigzag that completed this morning so I’m giving it a solid 80% chance that this rally forms a 3rd wave to the 2200 target.