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Gold/Mining/Energy : Barrick Gold (ABX)

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To: Tommaso who wrote (281)	12/20/1997 9:28:00 PM
From: Ross	Read Replies (1) of 3558

Tommaso: Yes I'm "short" (puts). But this is a "short term" speculative play.. I would love to see ABX go to approx. $14.00. This would be, from my technical perspective "a great buying opportunity".. Right now ABX has retraced approx. .25 to .38 of the move down from 10/1/97 to 12/9/97. That would be a relatively normal retracement before continuing to new lows. I would love to see a selloff on high volume. This would, for me, represent capitulation. And establish the low. But, if ABX can remain above approx. 16 1/2 and then break above the recent hi on 12/9/97 ($19.00) this would set the stage for Elliot wave three and a powerful move up.. Chart:http://www.teleport.com/~rossn/abx1.html So, I'm "short" but willing to accept the fact that ABX is close to a low that will form the bottom. My short term downside "worst case" scenario is $14.00(plus or minus). These are just my random thoughts. Ross

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