The market may not be quite as directionless as may appear at...

The market may not be quite as directionless as may appear at the moment - at least not from an Elliott Wave perspective. In fact, it did exactly what one EWT analyst expected. I have found this guy's analysis to be very good (ie balanced and considered) and more often than not accurate.

His expectations for last night were for a rally to the 9180 area to complete a 50% correction the 5 wave decline from the 9,361 high. The rally that we have seen so far is very messy and therefor corrective and, by EWT definition must be fully retraced in an impulsive manner. From here we should see an expected 400 to 500 point decline to the 8,700 to 8,800 area. The DOW is also very much lagging the much weaker action on the NASDAQ and S&P 500 at the moment which is quite bearish.

Here is the link for those interested - the relevant chart and commentary is the second from the top.

http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID54819

Regards,

Jaysee