What I’m expecting from S&P 500 from 11AM – 1PM based on the 30 day 1 minute chart and the action from 9:30-11AM.
Best case scenario: European markets are up, but are about to close at 11:30AM…may or may not be good, but past 11:30AM if the SPX can take out 2034, we may see that 2042-2045 upward .382 W4 target. We need that target to hit really bad to prevent any further damage to the downside in this ferocious downward 3 we’ve been seeing. By hitting those targets the bottom would essentially be in in a corrective Wave 2 retracing the Aug-Early November rally.
Worst case scenario: Break below 2025 and intraday low at 2019.39 in a failure to break into an intraday Wave 3. If we fail here and break below 2019.39 in S&P 500, there might be a continuation of a Wave 3 back to as low as 2000-2006 before the actual Wave 4 bounce.
What I’m expecting: In the next 30 minutes we break a new intraday high in DOW and S&P, and get that upward 3, it could hit that 2042-2045 and fading in a 5th wave would be ok. But a break below 2019.39 I may bottom fish in the 2000-2006 1.618 area, as that would be full length of a Wave 3.
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