Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: BigBull who wrote (46770)	6/22/1999 7:53:00 PM
From: Gary Burton	Read Replies (1) of 95453

o.k. folks-enough bullishness-let's get back to reality--the reality is that there are glaring negative divergences shown by indicators like MACD which suggest that the rise from 47ish ran out of steam at 82ish---same thing for the XOI--The 2 day 7pt 'waterfall' drop on the OSX to today's low of 74ish was likely only the A Wave of an eventual ABC Retrace back towards 70ish and maybe as low as 60. I think it is too 'one-directional' for it to itself be an ABC--Retraces are 3 Wave affairs not 1--So-o-o-o my best hunch is that tomorrow we start the B back up to the high 70's but that this will peak out before the weekend and we will start the C (or the 3 of a 5, perish the thought). Out on a limb again, you see and underinvested (vbg).

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