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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: marc chatman who wrote (37799)2/18/1999 6:34:00 PM
From: Gary Burton  Read Replies (1) of 95453
 
Marc-re PGO-- I only bought a 40% position at 11.50 Frankly, I didn't expect it to gap down like it did. But now that it has-and on heavy volume-I suspect PGO will roll over anywhere in the 12-12.75 area and head down again. I need to see 5 waves down from the early Jan high. So far, I can count Wave 1 down to 13.88 in mid Jan, Wave 2 back up the next 2 days to 15.13 and now we are completing the (iv) subwave of Wave 3--I think. Reprinting 10.63 will end Wave 3, then a Wave 4 back into the 12's, finally a Wave 5 towards 10. At least that's my 2c.------I also think VTS ended Wave 3 down this morning at 10.19 and is now doing a wave 4 retrace(which could rollover anywhere in here but below 12.63) to then be followed by a final new low in the 9.50-10 area. My cost on VTS is 12.56 so what do i know! --I'll be adding to my PGO on the next low only. I want to build to an equal weighting with VTS.
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