IQ Software (IQSW) Message Board

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Technology Stocks : IQ Software (IQSW)

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To: Robert K. Schott who wrote (53)	7/4/1997 5:11:00 PM
From: Gary Burton	of 123

Hello Bob--as suggested I looked at the chart and this is what I see----near term the stock is very likely to base out in the 5.00-5.38 area (per the projection in my software pgm which projects wave termination pts based on past momentum of recent action). I would caution you not to buy more at the moment until the stock gets into the mid 5's.----after that, the stock will likely have completed it's first 5 wave move down from the 28 top and this will then set up the launch for a countertrend reflex rally to the 10-16 area---after which it will likely turn back down to somewhat below the 5.00-5.38 stopping point of the first wave down. Ultimately, it looks like the 3's--just like APLX did--but first a spirted bounce off the low 5's for a double or triple. But we have to finish the initial 5 waves down first.Suggest you keep some buying power handy for the mid-low 5's in the next 2 weeks or so----at 5.25 IQ would be trading at 1.25x book (netting out the capitalized software and GW) and 0.60 ESR ratio, which is a reasonable initial bottom imo. You may recall that at the recent low APLX was trading at only $1.25 over cash and an ESR of 0.3! ----I may well be waiting at 5.ish on IQ (g). Thanks for the idea. regards

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