To All,
There was profit taking today, which good for sustained price growth.
The price high as of today's close was $4 1/16. The volume was lower than previous trading days. The price must close above $4.00 to advance from here.
The short term MM incator gave a sell today, but all other indicators are in a "GO" condition. An Elliott wave pattern is emerging which forcasts the following:
Wave 1 = $3.625; Wave 2 = $3.00; Wave 3 $4.25 = $4.25; Wave 4 $3.86; Wave 5 = $4.875.
Note: Elliott wave analysis is a "subjective art", and consequently not neccessarily 100% accurate. It is subjective in the sense that there are as many interpretations of the wave patterns as there are analysts, and often what these analysts see in the patterns, is what they choose to see. Frequently, it is only after the wave patterns are finished that the true wave structure can be seen.
So for what it is worth, I give my interpretation of what I perceive the pattern to be, and let history judge the correctness of my interpretation.
So with all that said, let us look for a price move above $4.25 (on a closing basis). Then a move up to $4.875. For long term investors, this isn't neccessarily a sell, but we could get a pullback to $3.50 before the upward price trend can continue.
I'll be out of town from 8/2/97 thru 8/10/97, so won't be monitoring the price activity. So for those holding positions in LCAV good luck!
Harry |
