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: Gary Burton who wrote (41994)	4/9/1999 10:41:00 PM
From: Gary Burton	Read Replies (1) of 95453

Thinking out loud---like to see OSX 66.80 fall on mon/tues to confirm rally potential to at least 77-80 area....If it instead turns back down next week without first hitting 66.81 print, the rally could abort ('could' not necessarily 'will') and suggest mid 50's---Some of the individual charts look to me more like we are doing a B wave rally, to be followed by a C drop below this week's low. ESV,GLM,RDC,VTS come to mind..I say this because the drops to this week's lows on these charts look to be in a 5 wave sequence, not 3. A 5 wave means that after a countertrend rally, the decline then continues. A 3 wave in contrast suggests the decline is more likely over already...we'll soon see....Merrill says the first indication about the level of OPEC compliance is due out May 10. mark your calanders

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