The market detective is a Chartered Market Technician (CMT). He uses technical analysis to identify market turning points and opportunities. He is primarily an Elliottician, he uses the Elliott wave principle and Fibonacci ratio analysis to uncover clues about the direction of the market. He uses other forms of technical analysis to corroborate his findings in such a way as to assign a probability factor to them.

1. 11/26/20088:04 AM Pacific
The bigger (short-term) picture is still working. Clearly I was over optimistic thinking
the pace of the first two days would continue and price would hit the 5th wave target
quickly. The move this morning is probably (1) of 5 and I look for it to end at 857ish.
We could then retrace wave (2) all the way back to 840ish (we don’t have too). If this
thesis plays out, then the next wave up is wave (3) of 5 which should propel us to a new
high and within striking distance of the 5th wave target.
I exercised a little artistic license by measuring the 5th wave extension projection from the
congestion area and closing prices rather than the spikes lower and get a Fib confluence
on the target.
TMD/DW

2. 11/26/20088:04 AM Pacific
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