Nov17spx3

Afternoon 2:30-4PM Forecast for 11.17.15 on the 2 day 1 minute chart. Best case/worst case.

Best case scenario:  We broke .786 by one point (2065 was 786) and we’ve bottomed, but ran into a corrective wave 2 in the past hour.  Right now we ABC at the length of A = C, so C wave would hold 2047.5 and rally over 2061 into the close. If this scenario develops into the close and breaks 2061, it would setup a Wave 3 to as high as  2120-2125 in 1.618 golden ratio move. That would be 1.618 X the 45 point Wave 1 move rom 2020 to 2066 today.

Worst case scenario:  The random out nowhere parabolic drop below both 2047.5 at A = C and 2033 or 1.618 down.  If we break down into 1.618 down there would be no bottom and we’d have to start all over again holding support and breaking 786 again.  Right now it looks like it’s correcting the entire move from 2020 to 2065 in a Wave 2 corrective wave.

Where I’m leaning:  Right now since I’m writing this article I hope it held that 2047.5 support (just checked..it did and bounced so far)…I’m rooting for the 2061 break now to setup a big upward 3 of 3 into the end of the week.