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

1. 12/1/20088:02 AM Pacific
Back to the Future(s). The raggedy holiday trade is challenging. Notice where we paused,
and how much time we spent here on the way up. I figure we have completed (3) of the
first set of 5 waves down of a (5-3-5) wave correction. When this support breaks the next
level of support happens to line up with the .382 retracement level at 837. That is where
we will probably complete (5) and get a bounce. The bounce will be an a-b-c and
complete wave 3 of the projected (5-3-5) correction.
I am projecting the most common bounce (.500) followed by a 1:1 extension of the first
set of 5 waves to complete the 5-3-5 pattern. 837 is a probable target for the end of the
first set of 5 waves. The rest of the projection is speculation based on common Fibonacci
ratios and can be fine tuned when price completes more of the pattern.
TMD/DW

2. 12/1/20088:02 AM Pacific
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