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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Broken_Clock who wrote (55836)12/1/1999 11:34:00 PM
From: Gary Burton  Read Replies (1) of 95453
 
Papaya---click on the url you provided and then go to the weekly chart for NYMEX crude, instead of the daily---as it seems clearer to me. When I do that, I see Wave 1 as 10.50ish to 13.50ish, followed by wave 2 back to 11.25ish--then followed by Wave 3 (which subdivided into 5 subwaves)--Wave 3(i) went from 11.25ish to 19, (ii) back down to 16ish and (iii)up to 25, followed by a triangle (iv) ending at 23 followed by 27.25 for (v) and the end of Wave 3--then we dipped the last few days to approx 24.25 and trying to start Wave 5 to go past 27.25--say to 28-29 (although anything past 27 will do)--it is possible that we are still in Wave 4 and if so we might dip towards 23 before turning higher for 5 (hard to say). Any print above 27.25ish is near the end of Wave 5 as I see it--at which point I would be on the lookout for a larger correction (as it would then correct for the entire 5 waves, not just one of them). My best guess would be 20-22 area as a base----my 2c fwiw--but of course one must take this view with the proverbial grain of salt if one is a committed Bull (vbg)---Maybe the catalyst for the larger selloff from high 20's will be realization that there will be no y2k disruption and/or OPEC starts new rumblings of increasing production early in response to Slider's suggestion that the West needs to complain loudly enough (vbg)---At any rate, after the larger correction, I see crude going into the 30's.
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