Waves, Patterns & Projections (2004)

That race up to 5553 for FTSE yesterday now looking quite a good short entry point with DOW disappointing again and falling off 10940.......that makes 5 attempts to surpass 10959 (10935, 10925, 10920, 10939, 10940) over the last 12 days and it does seem inevitable that 11K will be taken out at some point.

However, as indicated in my last few posts, it is in the lap of the US controllers as to whether this is achieved by the end of the calendar year and it is a pure guess for a mere mortal like me.

WPP continues to do well and c649.50p for c16.0% continues to be my second Up wave target with yesterday's 630p representing 12.5% so far from the secondary base of 560p. PFE went as low as 2027c last Monday but has already accrued 13.9% when it touched 2309c on Thursday. I don't trust it so I was out far too early. CSCO continues to disappoint......I am really at a loss to understand why this stock has been confined to such a narrow trading range over such a long period of time. DIS is my only other American Long........high of 2999c (08/02/05) was corrected down to 2289c on 20/10/05. Since then it has put in an initial 14.4% Up wave to 2619c and consolidated that back to yesterday's 2454c. A line through last year's 2 wave charge (2088c:2365c:2200c:2999c) suggests a further slip back to c2422c but it could then produce a strong second (and third) Up wave leading to well beyond $30 (I hope).