Thanks Gateside......and all the best to you for 2006 !
Well, FTSE has already beaten my target of 5632 even whilst America has stayed in the doldrums. Since the intraday high of 10959, DOW has now dropped for 22 days to Friday's 10710 but amazingly that only represents a (02.27%) decline with NAS also only shedding (03.38%) over 17 days. To my mind, that means America is poised to strike upwards in no uncertain fashion which means that FTSE is highly unlikely to put in a correction in the short-term and, rather than a Bolt-On, the current Segment that started from 5131 will probably end up being a pukka one in its own right.
The Segment that started from 4283 on 26/07/04 produced 18.56% to 5078. That was followed by the 49 day multi-wave correction back to 4774 on 29/04/05. The 6 wave Segment that followed to 5515 accrued 15.52% and it appears that the 14 day slip back to 5131 on 21/10/05 was a short duration correction (much to Bears' chagrin). 15.52%:18.56% is .8362 so there must now be a case for 15.52%*.8362 i.e. c12.98% being in the ballpark for the current Segment which means c5797 from the current (probably now bona fide) base of 5131.
Bollocks !.......Guess who'll probably be closing his FTSE short on Tuesday ?
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