Elliot Wave analysis of the DOW JONES 12-7-2011

Few weeks ago, we had planned the Bear Market Play of the Quarter with 5-12% return. We did confirm an a-b-c bear market rally patterns ending at 12284. And with the current trend, looks like we called it too early.




And upon further investigation on the current chart,looks like the first a-b-c pattern in just 30 short days, might be the letter "a" rally ONLY, and the sharp 9% pull back was the bear market "b" correction of the entire Primary wave B bear market rally.

a,b,c can both be used as:
a rally, b correction, c rally
a correction, b rally, c correction

Now, possibly in weeks or a month time, the wave c rally will ignite to finish the Bear market rally Primary Wave B. To estimate the timetable when we can hit the "c", using the length of "a", here are the timings to get to a range of 12200-12500 to end the "c" pattern.
0.618 = 18 days = Dec 9th (EU Summit)
.7 = 21 days = Dec 12th
1.0 = 30 days = Dec 30th
1.618 = 40-45days = Jan 15th 2012

After the a,b,c of Primary Wave B bear market rally. The next trend could be followed by a possible a,b,c,d,e downward selloff to finish the Primary Wave C bear market downtrend. Will do compute for price targets once we confirmed that it is not yet long term Bull Market.

I am still in bias that the current rallies are just waves of the Primary Wave B Bear Market Rally.Goodluck!