Waves, Patterns & Projections (2003)

Well thats a new intraday high for 7 days running @ 4492 for FTSE.........the fourth wave miniral has now stretched into Day 13 from the 4312 base on 10/12/2003. This is quite preposterous and I shall be exceedingly delighted when the sellers get back next week.

I maintain my view that once this segment is completed early next year then the next move will be a Down phase akin to that of the 98/99 Bull which, after a similar duration Up, entered a 68 day consolidation which resulted in (38.13%) of the total gains being given up. FTSE has now put on 1215 points so the target currently stands @ a pullback of c463 points to c4029 (closing price basis remember).

However, I am still acutely aware that these segment thingies seem to run in 3 and 5 wave sequences so there must be a fair chance of a shallow pullback from wave 4.....say (50.0%) to c4412 and then a fifth wave to somewhere in the high 4500s. DOW meanwhile continues to wollow in its 3 wave affair with yesterday's 10,456 representing Day 26 of the third wave up..........cannot see much room for a fourth or fifth wave for them.

The action on the 2nd, 5th and 6th of January should be extremely interesting........I am expecting those days to perform contrary to the performance for the rest of the quarter so if the bourses go down during those 3 days I will be exiting my short position tout suite. If they should continue to go up I will attempt to hold and Add to the short-side assuming I have anything left to Add with.

WPP looks to be starting its finale so I've got a nasty feeling the markets are going to continue to go up thru to c06/01/2004 !