10/30/20088:32 PM Pacific

The wave structure since the drop from the high last night appears corrective to me in all directions. Therefore, the first two charts are ES 60minute charts that show two probable corrective theses over the very short-term. If futures do not get above 96500 overnight and continue to drop here is a probable scenario.

If we move up but turn between 97125 and 97700, either of the two scenarios on the following 60minute chart are probable based on common retracements and extensions. When viewing a 233 minute ES chart, there is a possible impulse wave scenario. Play this probable thesis if there is a breakout on strong volume. Following the completion of 5 waves in any of these scenarios, price will probably retrace at least .500.

10/30/20088:32 PM Pacific

60 minute wave 4 corrective pattern

233 minute Impulse wave 5 breakout scenario

10/30/20088:32 PM Pacific

The ES and the NQ are matched very closely, and the NQ can be traded following these patterns. TMD/DW The market detective provides personal market opinion based on sound technical analysis and research. However, no warranty is given or implied as to its true reliability. The market detective will make errors and mistakes. The market detective is not an investment adviser and is not making recommendations to buy, sell, or place orders relating to the futures contracts, ETFs, or stocks that he writes about. The responsibility for decisions made from information contained in this service are solely that of the individual subscriber. The individual must fully research and make his/her own decisions before acting on any information provided by the market detective. The market detective assumes no responsibility for subscriber investment or trading results.