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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: John Madarasz who wrote (30787)	5/12/2003 6:32:57 PM
From: isopatch	Read Replies (1) \| Respond to of 36161

John. That's some VERY nice Charting work. Wonder if we could get Jims into the loop on this. Perhaps even plug in some evidence from other areas of DD that supported the decision of those who made major purchases of energy stocks in recent weeks. I'll be glad to offer a thought or two. But my friend Jims posts more chart and TA work than the vast majority of SI folk who inhabit the various natural resource investment threads. Jims, if your lurking, why don't you weigh in with any observations you feel are pertinent. TIA Isopatch

To: John Madarasz who wrote (30787)	5/12/2003 11:03:06 PM
From: jimsioi	Respond to of 36161

John, fascinating chart of Crude. First time I'd seen it. And Yes I see the symmetry. Little more development on the right shoulder required??? Guess my problem is, what to do with the information. Certainly its supportive to the view that Crude prices will rise, but my question with things like this is "where do I put my stops. Do I buy Crude futures right here and use the trend line as a stop or the point of the left shoulder?? At what point lower will you post the chart and tell me to abort my bullish trade.? (We'll let the upside take care of itself.) Suppose the good news is that in viewing the chart you didn't reach a bearish conclusion....we're not going to $10... such would .be rough on my CanRoys, you know. If I make a bullish play based on the information how long should I expect before ignition? Seems like 25.80 is pretty critical to the pattern. Admittedly I'm more short term oriented than monthly .... On the weekly chart below it appears to me that more work is going to be seen between 25 and 29....fits ok with your work....but currently the Ultimate Oss is negative and the DMI is in a similar class.....so I suppose a few more weeks or months will elapse before we know. stockcharts.com[l,a]wacaynay[d19960512,20030512][pc40][iLya7,14,28!Ll14!Lya7,14,28!Lb8!Lh14,3!Ll14!La12,26,9]&pref=G