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: SliderOnTheBlack who wrote (53123)	10/17/1999 3:23:00 PM
From: Gary Burton	Read Replies (1) of 95453

Slider--I don't follow gold since it makes no sense to me--but fwiw (which may be nothing), Prechter still thinks Gold is in a longer term bear market and that the downtrend is due to soon resume, if it has not done so already.He's sticking with a longer term forecast of sub-200, having started out bearish many years ago when gold was up in the 800 area. As much as he has thus far been wrong on the timing of the demise of the bubble stock market, many folks don't realize that he has thus far been very right on gold... He also was one of the first to call for disinflation/deflation... So, if I were strictly looking at the wave count for gold, I would probably heed Prechter's advice, since thus far over time he has been bang on. He thinks the countertrend peak was likely reached at 338 on Oct 5/99 and would not counsel going long in here-the only caveat being at the moment that, since a clear 5 waves down has not yet materialized from the 338 high, one must await furthur details to get more strongly bearish....to each his own

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