This is the S&P 500 Noon Elliott Wave Forecast For 11.23.15..on the 30 day 1 min charts…closing in on the 1.618 target: 2120-2125.
Best case scenario: The dip this morning was bought after a spike and fade and reversed near the Friday’s peak level at 1.00…we didn’t break it but I expect it to happen this afternoon and setup a continuation of a W3…got my eyes on the full 1.618 target at 2120-2125, and NASDAQ is starting to reach the 1.618 level..this is still quite a distance to go, and for S&P E-mini traders, buying here would be good idea considering how much further there is to the upside..
Worst case: Short Wave 3 under 1.618..5th wave truncation at 2100 and drop in a Wave 2 to test 2080…it’s been a gradual move to the upside in a grinding wave 3, so I don’t expect Wave 2 here.
Where I’m leaning: buying on the 1.00 breakout of S&P is a good idea in anticipation of the full upward 3 2120-2125 target…2117 is the key 100% breakout level from here, so the push for my target would help create a much bigger and much longer term 1-2-3 off the August low to 2400+. Not a crazy target since the first wave was so large..