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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: RWS who wrote (52672)10/8/1999 1:44:00 PM
From: Gary Burton  Read Replies (1) of 95453
 
RWS-I start from a basic assumption-and that is that a sharp, fast take no prisoners type of drop is more likely a completed 5 wave impulse move, rather than a 3 wave--originally, I had thought that maybe a B was already being put in, but it was so brief and short that my inclination now is that it was all part of the same killer wave down from 91ish to 65ish-----So, I'm leaning towards us now being at or very close to the end of a 5 wave A, setting us up for a 3 wave rally retracing say 38-62% of the drop for B and finally another 5 wave C taking out today's low to complete an overall ZigZag decline off the 91ish top. Often C's are indeed stronger than A's but they needn't be. ---All told, I suppose what I am saying is that I don't want to gamble here on a V shape bottom----In fact, I'll go furthur (and this will surely get most of the bulls on this thread disputing this) but some of the individual charts look to me that they could even print new lows a la FGI-now wouldn't that shock everyone....Bottom line, I still do not wish to try and play hero in here and do heavy buying just yet EXCEPT for a quick flip trade. ---I also think the DJ may roll over in here and perhaps retest 10,000 in the next 1-2 weeks-hard to say but I am leaning that way at present
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