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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Captain James T. Kirk who wrote (46978)6/27/1999 12:13:00 PM
From: Gary Burton  Read Replies (1) of 95453
 
Jim-The ideal bottom would be 61-65 area as that would represent the 50% and 62% retracement points. Also 61 was the early April low pivot point which was the start of the last wave up in the 5 wave sequence and often such last subwave is completely retraced in the ensuing correction.---So, that would be textbook EW---However, the osx held 71ish on Friday, a recent uptend line and one could argue that this particular dip is over and we are going to put in another nominal new high in the low 80's (to complete the 5th) and only after that may we see the 61-65 area.----At the moment, I'm not sure which alternative will play out. Could go either way in here--My hunch is that we may rally a bit from here but rollover under 76 and then take out 71 and extend into the 60's soon. But, it is just a hunch at the moment. If SLB dips some more and gets near 56, I think it will be the end of SLB's correction and therefore maybe the osx as well-so watch SLB and 56ish
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