Elliott wave and Fibonacci analysis on 011309

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Information about Elliott wave and Fibonacci analysis on 011309

Published on February 6, 2009

Author: dewaggon

Source: slideshare.net


Elliott wave zigzag, motive wave, corrective wave, counting waves, Fibonacci extension, Fibonacci retracement, Elliott channel, wave C, are profiled in this report by

1/13/20099:13 PM Pacific I want to focus on the very short-term to see if I can make Elliott wave sense out of the dramatic whipsaws today. Here is a 60 minute update showing the detailed substructure of the 3 waves (A-B-C) down. The ratios are very good for both 5 wave segments. I account for today’s action with an extended 3rd wave in the C wave. It is not clear however, if following the 3rd wave is wave 4 and 5, or an expanded flat (a-b-c) in progress. If it is an expanded flat the most probable c wave extension will go to 882 and be followed by a 5th wave that could go to 853. More whipsaw action. With the count revision today and an extension to 882 before turning lower, 853 becomes a probable turning point if we then break lower. On the other hand, if we completed 5 waves, then 882 is also a good first target but should be followed by a retracement then an extension higher. Therefore, taking out 882 is a good indicator that we will go higher in the very short-term.

1/13/20099:13 PM Pacific If we cannot reach 882 before turning down and taking out the low, then I expect that the selling will gather steam and 832 (shown as a 1.618 extension) on the chart is the probable next target down. Another repeat from last night is the bounce off the Bollinger band and a hammer reversal bar. My bias is that we make the turn back up and extend the zigzag, but patience for a clearer signal (either way) is in order. TMD/DW The market detective provides personal market opinion based on sound technical analysis and research. However, no warranty is given or implied as to its true reliability. The market detective will make errors and mistakes. The market detective is not an investment adviser and is not making recommendations to buy, sell, or place orders relating to the futures contracts, ETFs, or stocks that he writes about. The responsibility for decisions made from information contained in this service are solely that of the individual subscriber. The individual must fully research and make his/her own decisions before acting on any information provided by the market detective. The market detective assumes no responsibility for subscriber investment or trading results.

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