Waves, Patterns & Projections (2004)

In the context of a multi-leg correction for FTSE, the "shape" of the likely imminent FTSE rebound from the first leg Down is maybe worth considering :-

DOW's first Leg Down in 2004 was a 3 Down wave pattern 10754:10522:10695:10093:10328:10008 followed by 9 days straight Up back to 10571. The fact that FTSE has gone down in just one wave (so far 14 days) to 5131 (targetted to extend to c5097 next week) suggests to me that FTSE may reverse this pattern and that the initial recovery rally back to c5410 could be a multi-wave affair spanning a relatively large number of days (underpinned by a strongish America about to embark on a new ride Up towards the 11K peaks). I think we could be looking at c35 days and perhaps a 5 wave pattern that initially runs into quite a bit of resistance (not necessarily so for America).

A sequence something like 5097:5230:5107:5281:5159:5360:5239:5401:5316:5410 could run through to mid December and then give way to the second of the correctional Legs down which would almost certainly be a multi-wave pattern lasting 40-50 days. Note that my overall target for the alleged multi-leg correction currently stands @ c4929 or c(10.63%) which is based on the first leg Down culminating @ c5097 extrapolated against the relative percentages of DOW's 2004 correction !