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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Harold S. who wrote (39212)3/8/1999 9:35:00 AM
From: Gary Burton  Read Replies (3) of 95453
 
Harold--forget EW-- Whenever you see a hard down, take no prisoners drop from say 123 to 45, without very much if any intervening retracement attempt, would you be inclined to think that the 45 is THE bottom? Think about it. Do long spikes down set up the final bottom at the end of the spike...Answer, not usually. In the case of the OSX, all the sideways action since that hard move down last summer were probably amassing enough amunition to enable a larger retracement attempt to get under way. But, at the moment, all we have is a one legged table. After a retracement of this hard move down, we need to put in another leg to that table.One legged tables usually don't have enough strength to launch a new bull market.
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