September 15, 2016
$SPX $ES_F Forecast For 12.02.15 – Official Late Day Break out = 2200 by Jan?
This is the Elliott Wave Forecast Of the S&P 500 based on the 30 day 1 minute chart..Potential target 2200+ based on the late day 1.00 breakout today at the close.
Best case scenario: Started very wild today with a gap up that sustained into exactly 10AM..but the big quick fade occured and the W3 scenario started to fade with it..but the market fought, faded, fought, faded and by the close the bears couldn’t stop the momentum and we ended up closing above 2097 or 1.00 of the entire first wave…this is a 80% trade setup for a W3, and if it ends up traveling 1.618 X W1, target would be 2200-2205 in a golden ratio Wave 3.
Worst case scenario: The move to 2097 was just a 5 and not a W3..we’d find resistance at 2105-2108 and drop back to retest the previous 4 at 2070..but the extended ABC W2 that took over 7 trading days complete has a Wave 2 appearance..so..
Where I’m leaning: Heavily towards the full W3 to 2200 because we broke 786 of the entire November correction and can easily take out the S&P 500 all time highs as soon as this week.