1/19/200910:26 PM Pacific
With the bias now 5 waves down, I will focus on downside targets. Here are the short-
term targets for the NASDAQ e-minis based on current price if price doesn’t extend up.
NASDAQ100 e-minis
The S&P 500 e-minis are also shown here with a five count bias down from the
completed double zigzag high. Notice how much higher the NASDAQ e-minis retraced
than the S&P. It tagged the common retracement level while the S&P did not. It is
always a good idea to watch both indexes to determine the lead/lag relationship.
In the S&P e-minis chart I show the count following the latest a-b-c wave up (an exact
1:1 ratio in both indices). The x wave extends the retracement up or wave 1 of a new 5
wave set has completed and we extend down to the first target following a mid-level
retracement of the move down from the most recent c. The latter is my favored scenario
based on smaller timeframe analysis (not shown).

1/19/200910:26 PM Pacific
S&P500 e-minis
TMD/DW
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