Waves, Patterns & Projections (2004)

Badly wrong again......another blistering performance from FTSE with Resources once again dominating. DOW's earlier 10684 must now have a solid chance of signifying the completion of a 23 day, (37.72%) give back of the 10230:10959 third Up wave so it may now be in the early stages of a fourth wave Up but the Doodles are not going to like the continued renaissance in the price of Oil and Gas so the jury must still be out.

City Index were offering as much as c5734 for FTSE at one stage (closing offer c5725) during tonight's rally which is about where I thought its fifth Up wave would get to but even that could get murdered if America is now in rally mode.........but 5131 is now getting a bit distant and I can't see the next Segmental base (if any) being any higher than +06.00% which means a correction back to c5439 and probably a lot lower is ultimately inevitable.