1/12/200910:28 PM pacific
The revised target from last night was battered and breached but it held and launched a
small recovery rally into the close. The ratios and wave count look good for the turn to
stick here. Even the bottom Bollinger band coincided with the Fibonacci confluence and
there is also a bullish hammer candlestick reversal pattern.
The chart below zooms in to show the probable completion of a 5-3-5 (a-b-c) move down
with very good ratios which supports the higher level chart and thesis.
The far right column of Fibonacci numbers are the retracement levels and likely levels of
resistance as price works its way back up. If 901-910 is cleared bias shifts to a prolonged
rally and probable new high. Wave count interpretations may provide additional clues as
the different retracement levels are approached.

1/12/200910:28 PM pacific
If the preferred thesis goes terribly wrong and price turns down hard and takes out
today’s low, 850 is a probable bounce but the next target is 830.
TMD/DW
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