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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: marc chatman who wrote (55452)11/26/1999 1:58:00 PM
From: Gary Burton  Read Replies (1) of 95453
 
Marc--under elliott, the bottom of wave 4 cannot go below the top of wave 1---so your longer term count is wrong---Maybe the move from 47 to 91 is just (i) of Wave 3 or wave C?---or maybe we already completed an ABC from 45 to 91 and now we are going to meander down to sub 45. Hard to say, looking strictly at the chart and ignoring the current news backdrop-------Watch 77.40 print on OSX---If we go below that next week instead of continuing up past 88, the s.t EW count on OSX will turn bearish with sub-65 likely (maybe as the C wave of the decline from the Sept peak of 91)---also watch XOI as to whethe ror not it will be able to print above the Nov 17 peak of 543. If not, we could see it go much lower. I am neutral-bearish on the general averages for December and am troubled by the refusal to even partially recognize the oil price spike. Maybe it's just weak NG due to weather as most hope. Maybe something more is at work. Hard to day at the moment. btw--OEI looks like it wants to visit 7.25-50 and UPR gives me the feeling that is heading to low 12's...am long OEI and will wait it out but I must say I'm not gung ho on any of the energy shares right now when I look at the charts. I personally would not be buying FLC in here as I suspect it may well take out its recent low of 11.13 particularly if OSX prints below 77.40---my 2c fwiw
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