Elliott wave and Fibonacci analysis on 011109
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1/11/20099:43 PM This is a high level view of the current zigzag thesis. We are at the price target discussed in past reports. 883/885 is a Fibonacci confluence between a 50% retracement of the A- B-C move up from X, and a .618 extension of the move down from Y. We are also close to the most recent active trend line. This level, and just below it is formidable support. The support levels just below are 871, the .618 retracement of the A-B-C move up from X, which is a closer intersection to the trend-line, and then 864, which is a Fibonacci confluence of a 1:1 ratio extension down from Y and a .382 retracement of the entire move off the low. A turn up from any of these levels would support a third extension of the double zigzag, most probably another zigzag (follow “price target” link above). A breakdown of this entire support zone would introduce considerable downside risk.
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Elliott wave double zigzag, motive wave, counting waves, Fibonacci extension, Fibonacci retracement, are profiled in this evening report by TheMarketDetective.com
Transcript of Elliott wave and Fibonacci analysis on 011109
1/11/20099:43 PM
This is a high level view of the current zigzag thesis. We are at the price target discussed in past reports. 883/885 is a Fibonacci confluence between a 50% retracement of the A-B-C move up from X, and a .618 extension of the move down from Y. We are also close to the most recent active trend line. This level, and just below it is formidable support. The support levels just below are 871, the .618 retracement of the A-B-C move up from X, which is a closer intersection to the trend-line, and then 864, which is a Fibonacci confluence of a 1:1 ratio extension down from Y and a .382 retracement of the entire move off the low. A turn up from any of these levels would support a third extension of the double zigzag, most probably another zigzag (follow “price target” link above). A breakdown of this entire support zone would introduce considerable downside risk.
1/11/20099:43 PM
If I align with the cash to identify mutual strong support levels, we have the current level 887, which directly coincides with 883/885 in the e-minis, and then 869/871 which aligns with 864 in the e-minis. It also tags the bottom of the regression trend channel shown below.
My preference in the very short-term timeframe (60 minutes and less) is that there is another wave down. All things considered in this analysis, I have a slight bias for the 864 e-mini 869/871 cash level as the most probable turn target, but I want to see a breakdown at 887 cash first. 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.
