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To: marc chatman who wrote (46546)	6/16/1999 7:12:00 PM
From: Gary Burton	Respond to of 95453

Marc-I count the 5th wave as starting from 69.6 on June 1 low. The 5th is often a rising ascending triangle wedge formation, where each subwave is a little 'abc'...As I see it, subwave 1 went to the 78.8 peak on June 8, subwave 2 was the 1 day dip to 75.5 on June9. subwave 3 was the move to 82ish at this am's high and subwave 4 may bottom tomorrow am near tonight's close...That would setup one last blip up for subwave 5 near 83 and still be in the wedge.---So,IF the OSX rallies tomorrow into Fri and gets anywhere near this am's peak, I would say it would be high risk time indeed.--I also note that the XOI and XNG are very near my trading software's notation of potention 'stop and reverse down' points, just as OSX was also this morning.--I sold my FLC this afternoon and lost 30c net/share all in.Big deal. Too dicy in view of overextended OSX in general.....The rally from Mar 1st would have gone from 47 to say 82 and it would be quite normal for a 50-62% retrace to occur to set up the next major run. That would target the 61-65 area. btw a major pivot point in the upsequence from 47 was near 60, as I recall, so 61-65 would be a good test. It frankly would not surprise me. Far too many people are complacently bullish in here...One chink in OPEC's resolve or continued poor crude builds due to low refinery margins might well do it.