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

1. 12/30/20088:29 AM Pacific
Looking at the NASDAQ cash Daily chart the a-b-c pattern down from C looks like a
completed flat which supports that the pivot up is from c rather than the lower alternate
pivot shown on the morning report. There are also some nice Fibonacci confluences
overhead from this pivot, especially for the .618 extension of the A-B-C zigzag off the
low. The outside Fibonacci column is a retracement from the recent major pivot down
highlighted by the blue vertical line.
Focusing on the regression trend channel of the 3rd wave down you can see how price
was able to break above the slope line and has drifted sideways since. Note that the
channel line intersects the Fibonacci confluence overhead corroborating this level as a
probable target. This coincides with the S&P target identified in the weekend report.
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2. 12/30/20088:29 AM Pacific
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