Waves, Patterns & Projections (2003)

I'm probably being a bit too dismissive of the chances of DOW extending the current Segment into 5 waves...........in fact the positive sentiment that seems to be abounding probably suggests that outcome is odds on favourite rather than the much touted (by me) Down phase.

Assuming DOW carries on up during the first three days of January to say 10585 then that would be an extraordinary 30 day third wave miniral of 1,000 points. The next move could then still be a relatively shallow (40.0%) wave consolidation back to c10185, followed by a fourth wave miniral to c10685, a (60.0%) give back to c10385 and then a final fifth to c10785. For FTSE a fourth wave target of c4545, a (50.0%) pullback to c4429 representing a fifth wave base and ultimately a completion @ c4600.

The duration of these waves is difficult to predict........they could be short, sharp affairs or, especially in the case of the imminent wave consolidation, could last almost as long as the prior Up wave.