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

1. Wednesday 8:40pm (Pacific)
I am very happy with this nazz count. I got out of the weeds (intra-days) and I now
believe we are in the 5th wave of this set. This is somewhat good news because it means
we are closer to a bounce than I previously thought. On the daily chart I believe we are
close to finishing wave (3) of wave 5. Here I use a 5th wave Fibonacci extension of
wave 1-3 to target 1623 as the end of wave (3).
However, when I zoom in to view the detail, now that I am happy with the higher level of
degree (daily), in Chart2 I get a confluence of a 2.618 extension down from (2), and a
.382 extension down from iv (This assumes the retracement of wave iv is finished).
We now have 2 targets for the end of wave (3). In Chart3 I use both of these targets and
assume only a .250 retracement for both. This has been the common theme for 4th waves
when it is part of a 3rd wave of a higher degree. I then extend common extensions of 5th
waves to arrive at wave (5) targets, which is also the end of wave 5. Pulling Fibonacci
extensions from both Chart2 and 3, I believe that 1590-1595 is the most probable target
for the end of wave 5.

2. Chart2
Chart3

3. If wave iv retraces higher than 1659 overnight, or something else unforeseen happens, I
will update before the market in the morning.
TMD/DW
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