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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SliderOnTheBlack who wrote (39275)3/8/1999 4:00:00 PM
From: Gary Burton  Read Replies (3) of 95453
 
Slider-since you know Elliott, You might be interested in the following--Wave 4's are usually Complex Corrections, usually consisting of either 1)an abcde triangle or 2)an abc 'flat' or 3) something called a 'double three' where all the abc's are 3 wave moves.---- At today's high, all 3 forms are now satisfied. take your pick. The 'double three' could easily have started with an irregular abc A wave off of the first 47, the intervening B wave was a simple zigzag down to 48 and then the C wave was itself a 3-3-5 flat with the 5 wave ending at today's high. So-o-o-o if the OSX peaks out here and proceeds to print 40ish due to the 'no cuts' worry taking hold, it would have been a textbook elliott pattern into today's high......I'm NOT saying this is going to happen right from here (another count could take it higher first) but I for one am struck by the potential completion of 3 alternative patterns for the Wave 4. --all you non EW believers can or course ignore this mumbo jumble as I know it goes against the grain and contrary to what your gut and FA says is most logical to happen. As for me, I have now scaled back considerably, holding only a fairly large position in VTS slightly underwater at the moment...fwiw...that too of course could change on a dime as I'm NOT bearish here just very cautious. Probably more cautious because of EW..hey maybe I should chuck it (vbg)
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