1/5/20099:08 PM Pacific

This is a 120minute chart of the S&P e-minis that zooms in to identify the substructure of the wave up from 12/29. I believe this to be the most probable count which indicates a probable extension of the move down today, then one more wave up before a probable turn down and sizeable retracement. (I will address this in my next report). This coincides with the higher level Fibonacci targets from last night that I show again on Chart2 below. Even if we don’t get the extension down, the most probable upside target for completion of the pattern is still 945ish. If price gets through that level, then 960 is the next probable target (chart 3). My bias is for 945 and a turn down. Note on the 120 min chart that on the way up the price elevator stopped/paused at every Fibonacci floor which I have highlighted with blue arrows. Chart1

1/5/20099:08 PM Pacific

Chart2

Chart3

TMD/DW

1/5/20099:08 PM Pacific

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