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Gold/Mining/Energy : Winspear Resources -- Ignore unavailable to you. Want to Upgrade?

To: teevee who wrote (24016)	8/11/1999 2:23:00 AM
From: Berry Picker	Read Replies (1) \| Respond to of 26850

Sorry for the length of this post.. Skip if you hate T/A Tee Vee I looked at the chart last night. If one calculates the gap as a measuring gap Which I originally could not imagine because the fundamentals of this company are toooo gooood However it has broken down further than one would expect if it were not the case. I was told an old saying from wall street that goes back before most of our time... What goes up like a Rocket - Come down like a Stick The saying came from the original rockets that were mounted to a stick and stuck in the ground.. One would then lite the fuse and watch the thing go up and off... Unfortunately the mounting stick still had to come down and who knew where? Market players applied the saying to stocks that went up so fast they never really built any bases or support levels. That is WINSPEAR ! She is coming down like a stick but as to how far well...who knows where? I can only try to predict. ( gutsy fool ) The hook that I thought might hold was a one day pivot point at 2.56. It coincided however with the trident target so I thought it had a very good chance of holding. ( Because of the fundamental value I see in the Spear.) She did manage to hold up for a couple days but in light of the very big dip in the markets everywhere yesterday and the lack of news and new buyers it broke through. If you check the chart the only really established "ledge" of "tested support" falls around the $1 level believe it or not ! If I now consider the gap formed when the trendline was broken as a "measuring gap" then the target works out as follows ( and I know no one wants to hear this so I will be "REAL POPULAR" and accused of trying to drive it down so I can steal it etc. etc.) The leg we are in right now started at 4.65. That price was hit two daZe in a row and was a previous high and pivot point. She then went down and broke the trendline and closed at a low of 3.30. I got out that day at 3.41 at a loss and am currently flat. The next time it opened it opened gap down and made a high of 3.10. That same price was reach again and tested but never broken on the next day. That left a 20 cent gap on the chart. The gap that I am now thinking was a break away or measuring gap ( two names for the same thing ) The target is calculated like this: 4.65 - 3.30 = 1.35 drop TO gap. 3.10 - 1.35 = 1.75 drop FROM gap. And to be honest there is no place on the chart where any resistance can be hoped for other than that.. A long term .618 fibonacci was also broken yesterday so it is looking very weak. Those who are long and have not sold will have to wonder if it is worth selling since they have hung on this long and the difference between here and there compared to how much it has dropped already may make it hardly worth selling and taking the chance on a UFO UFO = Unforseen Fundamental Objection to the technical pattern. OR MAJOR NEWS ......On the other hand. One can always get back in unless locked out by a halt and good news Not happy about the picture at this point.. hope I'm wrong as I have talked friends into buying who are getting more and more nervous... but I would tell them to hang on unless they want to stare at the market and jump back in as soon as it looks like UP.. They may however miss it for the sake of trying to save another 50cents. Lower prices make a major Private Placement more attractive !!