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New Bear Market Update

DJIA Near Term Low of 9,985 Likely -
or is 9,565 in store this week...

Elliott Wave Stock Market Update for week of January 25, 2010

We read about this pretty spot-on call for the DJIA and broader stock market correction we are in a week and-a-half ago and now for an update from this Elliott Wave schooled swing-trader, "the dad":

I attached a market chart of the DJIA and what I predict can happen in the next few days. My primary wave count for 1st wave I (circle) is as follows: Dow wave (v) shown in an expanded wave is 2 times the length of wave (iii) and should stop at DJIA 9,985. This wave count has one more down wave on an hourly chart..

Click image for Larger View of marked-up chart...

However the chart shows an alternate count with the present expanded wave as only wave (iii) of i (circle). The alternate count has a high probably of being the actual wave count and will definitely go much lower than the 1st wave count mentioned above and could end at DJIA 9,565 area.

The market went down into the close on Friday (1/22/2010) with a moon 1st Qtr. phase peaking on Saturday. Therefore, the moon will likely make the market reverse on Monday morning and it should go up a little (as shown in the chart). Then it will resume it's down trend until the 1st major wave down (i (circle)) is complete. I will let you know what size bounce will happen after there is more wave movement down and I can determine what kind of wave count we end up with on the way down and the length of the wave at the end. The bounce will be higher than were we are at the close on Friday.

This is one take on things and with gold futures up, could be correct about a Monday rise. Want to share yours? You can submit (HTML allowed) your S&P500 views, NASDAQ charts and ETF analysis by clicking here and it's free...

I end with this video for this week from Trading with Oscar, who apart from his loud intro, often has interesting technical details on the markets:
"Unless we hold and hold immediately, we will be back in a bear market." see video...

01/25/2010 S&P EMINI Stock Index & Commoditiy Futures Trading Recommendations

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