Thanks starbustThis means that the Dow must move upwards to fill...

Thanks starbust

This means that the Dow must move upwards to fill the gap at 9600 level and then move down.

This means 28.8 % up from the low of 7450. So far they have gone up by 17.2 %. Roughly another 10 % up movement.

In comparison, we have gone up by 13.7 % (low of 3217 and high of 3659).

Whether we would go up by at least another 10 % - that is to about 3979 is the million dollar question.

However, if EWI is right, then there is a ray of hope - my elliott wave projects that by 8 Dec the XFJ index would reach 3950 (4000 is resistance) with bank targets as follows: CBA - 35.8, ANZ - 15.8 NAB - 21.8 (may be to fill the gap at 21.91 and WBC - 19.2.

As I already wrote earlier in a post, by 6 Feb 2009, it is projecting even better highs for the Dow and ourmarkets overall aided by BHP, RIO and WPL along with banks. Quite a few have forecasted highs around Feb, especailly around lunar eclipse - also this makes sense as we can expect a meaningful rally after the presidentail inauguration on 20 Jan 2009.

Keeping fingers crossed

Sara