This is the Noon Elliott Wave Forecast For S&P 500 on the 2 day line chart..best case scenario: clear break of 2087 setting up 2095 or 786 breakout.
Best case scenario: 1-2-3 off the 2019 low into a Wave 3…highest target remains 2120-2125 short term, but on that breakout would setup a much bigger Wave 3 to 2400. I’d be happy to see 2120-2125 with my current positions with 1.618 X W1 in a golden ratio Wave 3…but intraday there’s a zigzag about to reverse, and I can see the S&P grinding higher past 2092-2095 into the close.
Worst case scenario: 1-2-3 down to test 2074 in a bigger zigzag before reversal..but we’re actually reversing now near the 1.00 retracement level in the past 20 mins.
What I expect: I’m looking for a clear break of 2087 in the next hour and a spike to test the top of B 1.00 retracement level or the full 786 of the entire zigzag at 2095…2087 again is the top of the B and looks easily achievable. Don’t be surprised to see another strong healthy looking upward move into the close by S&P. 2120-2125 by mid week next week should occur with little resistance.