Waves, Patterns & Projections (2004)

Didn't notice the c12% hike in the SP of PFE after the bell on Friday......sick as a parrot.....its as if they waited for me to close my Long before zooming it up.......paranoia setting in......thought it a bit odd the way AZN and GSK broke the tapes first thing.

Still very undecided as to which way FTSE will go short-term......Friday's 5553 intraday high represented a 75.29% clawback of the modest 5574:5489, 6 day Down wave so it could easily have been a break day Up with 5489 set to be lowered later in the week. For the correction proper to have started from 5574, I would have thought we would get an initial Down wave similar to that following the end of Phase 1's 4602 i.e. (02.43%) to c5439.

However, the odds must slightly favour a fifth Up wave having formed from last Thursday's 5489.......particularly if DOW breaks through 10959 at the sixth time of asking, potentially benefitting now that one of the laggards i.e. PFE has moved into assist mode. The likes of DIS, GM, GS and XOM may also be due a run so I wouldn't be surprised to see a strong move through to about Thursday 22/12.