Waves, Patterns & Projections (2004)

America appears to have taken on board my suggestion that, for a good start to 2006, it would be better to continue to consolidate the 10157:10959 gains through to Christmas and possibly through to the first few days of the new year. A move below 10730 (08/12) over the next few days would actually extend the Down wave that started from 10959 (29/11) to 16+ days. Presumably we will get a break Day Up soon but I think DOW is heading towards my original c(40.00%) give back target of c10667 before starting a fourth Up wave in an Up Segment that is destined to straddle both 2005 & 2006. NAS has already dropped to 2214 for a (25.40%) total give back of the 2026:2278 gains but I suspect c2190:2200 will be reached before that one starts another wave Up to beyond 2278.

FTSE continues to hold steady with Friday's 5553 not quite surpassed today and the intraday low of 5525 edging just 1 point lower than Monday's 5526........good chance of 5574 being taken out tomorrow if DOW manages a strongish break day Up towards 10900 again but a move below last Thursday's 5489 seems equally likely by the end of the week.