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Advanced Technical Analysis



Note: the following analysis is formulated as an assimilation of Fibonacci, DeMark, Elliott Wave and other technical indicators. It is offered as education and not intended as advice in any way.

Friday's pre-holiday session offered little new technical information: I remain of the view that prices have started a correction off the recent peaks that should carry prices lower for several weeks and toward initial support in the SPX 1103-1112, INDU 10100-10200, and NDX 1430-1460 area. If those Fibonacci supports do not hold, then the bearish intermediate term trend will gain prominence and prices could then move rapidly below the May lows toward much lower Fibonacci targets.

If those levels exhibit bottoming action, then the bullish intermediate term trend will be operative and a move to new annual highs could occur. At this stage one cannot determine if the lower Fibonacci supports will hold. As a result, should the more bearish trend be operative, extended declines could be expected unless levels break through those noted above. For now, I will consider the trend to be down until my lower Fibonacci targets are approached or if the noted levels are elected.

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