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

1. 11/24/20087:36 PM Pacific
We are not completely out of the woods, but things are looking really good for an
intermediate term rally. By my calculation we completed wave (3) of 3. If the rally
unfolds according to my thesis, tomorrow we should reach 891ish for wave (5) of 3 and
the completion of 3 waves.
We will only really know that we are out of the woods when the retracement following
three completed waves is commensurate with a 4th wave retracement instead of a DUMP
of all the gains.
Fourth waves typically retrace .384 or roughly even with the start of the 4th wave of one
lesser degree. That would be wave (4) of 3, right where we are now. So, a rally to
891ish, then a retrace back to 840-850 is normal and conducive to moving higher. We
don’t have to retrace that much, but it is common.
I am able to get the confluence between the .618 wave (5) extension (of waves (1)-(3)),
and a 1.618 extension of wave 1, by measuring the start of wave (5) at 840.

2. 11/24/20087:36 PM Pacific
The NQ (NASDAQ e-minis) chart is almost identical. I am measuring wave (5) from
(1127) in order for wave 3(5) to align with the 1.618 extension of wave 1.
TMD/DW
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