[Chart] $SPX Noon Elliott Wave Update 3.29.16 – Near 786 breakout

[Chart] $SPX Noon Elliott Wave Update 3.29.16 – Near 786 breakout


This is the Noon Elliott Wave update for S&P 500 3.29.16 based on the 10 day 1 minute chart… near 786 breakout and setting up for a strong move.

Best case scenario: ┬áBest case scenario is we get a 786 reversal after an ABC from 2057 to 2023 into a an impulsive move…786 breakout is 2037 and we’re right on the edge of breaking it at the moment as of 11:53AM ET..if we clear that and 2042 due to NASDAQ’s strong push today, we may see a full 786 move of the zigzag over 2050.

Worst case scenario:

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Worst case scenario is resistance right at the 2037-2042 range and a reversal to the downside in a double top B wave before C…we’d see a fade at these levels below 2029 and setup a move to as low as 2005-2010.

Where I’m leaning: Due to NASDAQ’s big push in the past half hour over 1.00, S&P and DOW should follow with that move… 786 breakouts are about to happen on a spike so a move to test 1.00 on the latters wouldn’t be out of the question.