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Gold/Mining/Energy : Kensington Resources Ltd. (V.KRT) * Diamond in the rough!
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To: I_C_Deadpeople who wrote (3683)4/27/1999 12:08:00 PM
From: High Grader  Read Replies (2) of 5206
 
Good luck Eric.

I have had a lot of success applying the EW stuff to stocks. It was originally researched as a variation of the Dow theory and thus has the reputation of being applicable only to indices.

It is now applied to commodities and higher-priced stocks with good results. It is not usually applied to lower priced stocks but I have found it to work there to.

If the pattern evolves as it has in KRT, then breaks out, the targets are places to monitor with other indicators such as a short term RSI. The Fibonacci levels shown on the chart often provide areas of resistance and as they are penetrated the price moves on to the next level before hesitating again. The 162% level of 1.97 for KRT is possible, but first there has to be a breakout into a wave three, usually a gap up accompanies this.

If these things occur then there is a high degree of probability the 162% (1.97)price will be reached. At that point it is possible to calculate the most likely level for a pull back and then play the next wave up.

However, we need to see a break out first, to drive the rest of the scenario. Price action below the purple wave Y label at .25 negates the above and we have to count the waves again as a new pattern, different from the bullish one we would like to see, will have started to evolve.

BTW I am not invested in KRT. My "play" money is tied up in another deal at this time. But I would definitely pick up some KRT if it goes above.44. At that point, the pattern I have posted would have a good chance of being a profitable one with any gap or break above the .44 level.

I say a good chance, it is the best we can get with any technical analysis and trading plan. There is no sure method that anyone is telling about anyway.

Any action below .25 negates all of this of course.

If a break above .44 occurs I will monitor the KRT chart and post updates. If I get too busy with other things, send me a reminder.
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