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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Crimson Ghost who wrote (41792)4/7/1999 5:25:00 PM
From: Gary Burton  Read Replies (1) of 95453
 
EW-My 2c- Initial drop from the 71.84 top was to 64.76 and equalled 7.08 pts... That was either Wave A of an ABC or Wave 1 of a larger 5 wave drop....Then we did a little blip up to 66.80. That was either Wave B of the ABC or Wave 2 of a larger 5 wave move....Then we started down again,ending at I think this afternoon or thursday am at(iii) of a 5 subwave move.(needs to do a little blip up then down again to complete)...Once complete, that will either be the end of C of an ABC (ie the end of the entire drop from the 71.84 peak) or the end of Wave 3 of a larger 5 wave sequence......IF this current dip prints below 59.72 the odds increase somewhat that this is only 3 of a larger 5 wave sequence (since the second shot down is greater than the first shot down of 7.08pts-- In a 5 wave sequence, the 3rd is often the longest wave)...So, 59.72 is one point I'm watching.....Even if it prints below 59.72, it could still be the end of the move down--ie it could still be an A-B-C. All I'm saying is that if the current dip prints below 59.72 one should become more cautious that it COULD evolve into a larger 5 wave move down. ---If of course the dip holds above 59.72 and then prints above 64.76, the odds then become much greater that we are then in a new upleg past 72 and to the next test which is at 77-80 . To be on the 'safe' side, wait until a print above 64.76 to go long. Shooters should wait for a little blip up tomorrow then another dip down below today's low. Then step in and hope it's a 3 wave ABC then completed rather than 3 of a 5 wave...At the moment it could be either. The only 'buy' signal at the moment is if and when the osx crosses above 64.76....fwiw
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