1/19/200910:26 PM Pacific With the bias now 5 waves down, I will focus on downside targets. Here are the short- term targets for the NASDAQ e-minis based on current price if price doesn’t extend up. NASDAQ100 e-minis The S&P 500 e-minis are also shown here with a five count bias down from the completed double zigzag high. Notice how much higher the NASDAQ e-minis retraced than the S&P. It tagged the common retracement level while the S&P did not. It is always a good idea to watch both indexes to determine the lead/lag relationship. In the S&P e-minis chart I show the count following the latest a-b-c wave up (an exact 1:1 ratio in both indices). The x wave extends the retracement up or wave 1 of a new 5 wave set has completed and we extend down to the first target following a mid-level retracement of the move down from the most recent c. The latter is my favored scenario based on smaller timeframe analysis (not shown).