Published on February 6, 2009
1/19/200910:26 PM Pacific With the bias now 5 waves down, I will focus on downside targets. Here are the short- term targets for the NASDAQ e-minis based on current price if price doesn’t extend up. NASDAQ100 e-minis The S&P 500 e-minis are also shown here with a five count bias down from the completed double zigzag high. Notice how much higher the NASDAQ e-minis retraced than the S&P. It tagged the common retracement level while the S&P did not. It is always a good idea to watch both indexes to determine the lead/lag relationship. In the S&P e-minis chart I show the count following the latest a-b-c wave up (an exact 1:1 ratio in both indices). The x wave extends the retracement up or wave 1 of a new 5 wave set has completed and we extend down to the first target following a mid-level retracement of the move down from the most recent c. The latter is my favored scenario based on smaller timeframe analysis (not shown).
1/19/200910:26 PM Pacific S&P500 e-minis 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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