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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Think4Yourself who wrote (41327)3/31/1999 11:36:00 AM
From: Gary Burton   of 95453
 
My 2c on EW ---I noted recently that it would be 5 waves up when we got into the 70-72 area and that the OSX should therefore turn back from there. It appears that this is what is taking place....A normal retracement for the First Wave in an up sequence is 50-62%. That would target the 57-60ish area after which Wave 3 up should begin to launch. It could stop in the low 60's though given the charged nature of the market. All I am saying at this point is that it would be quite normal to see 57-60 under EW but that there is nothing to prevent the drop from basing higher up.
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