Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Cragganmore who wrote (36414)	2/1/1999 12:19:00 PM
From: Gary Burton	Read Replies (2) of 95453

Cragganmore--I still think we will do new lows-finally. The index overshot my resistance point by a mere .15 before turning back down. If it now takes out Friday's low and proceeds to print 48.11 or lower, then it will qualify as a wave 3 down. The move from the recent top should unfold in a 5 wave sequence, (1,3 and 5 down with 2 and 4 countertrend rallies and with 3 down not being the shortest wave). Wave 1 went down 8.46 pts to 53.64. Wave 2 retraced to 56.57. If wave 3 is not to be the shortest wave down then it must touch at least 53.64 minus 8.46=48.11 or lower. Wave 4 usually gets back up to a level which in this case would be in the 51-52.50 range. then wave a 'perfect' wave 5 would extend down to about 42.50. It could bottom a little higher or a little lower. SO FAR we are on target. Of course if osx turns around here and goes higher, this count would be wrong. Let's see how it plays out

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