Market analysis from TheMarketDetective.com that utilizes the Elliott wave principle and Fibonacci analysis.

1. 12/30/20087:15 AM Pacific
A short-term chart of the NDQ provides additional clues about the recent price action.
Here the bias is clearly in favor of a zigzag off the low (as opposed to a single motive
wave). The corrective 3 wave a-b-c connector (X wave) that will probably lead to an
extension of the A-B-C off the low is probably complete, but I do show an alternate with
more room for downside (or c) before we extend higher.
Notice that the current turn is a pivot up from a .618 extension down from b and the .382
retracement level from the low to C. The alternate backstop is a triple fib confluence of
two extensions and the .500 retracement level.
Either way, this highlights my bias that on an intermediate basis, we probably go higher
before we go lower and the move higher is either launched from here, or the alternate
backstop.

2. 12/30/20087:15 AM Pacific
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