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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: kodiak_bull who wrote (43998)	5/13/2005 3:57:22 PM
From: RWS	Read Replies (1) \| Respond to of 206338

Yesterday I exited PTEN puts at 24.45, the 62% retrace of rise from 4/18. Then reloaded at 25.15 the 38% retrace which became resistance. Sold those today at what appeared the end of wave 5 of 1 of C? On the hourly chart I look at the move from 4/18 to the high on 5/10 and see a 3 wave corrective move. I don't care what degree it is, I just assume there will be another one down consisting of at least 3 if not 5 up and down moves. Today completed the first swing down. In this swing .1 ended at 10:30 on 5/11, .3 ended at 10:10 today, .5 ending now. The PTEN uptrend ended on Feb. 25th. It is now in 2.5 month sideways channel bounded by 26.80 and 23.80. Andrews of pitchfork fame showed that these channels can result in a measured move on breakout depending on number of paired touches on top and bottom of channel. If you remember a few months ago I predicted the target of the SU breakout from a similar channel. My target was off a little over $1.00. PTEN's channel indicates a $12 move from the breakout. I don't know which way it will break, but now expect a retrace. If the retrace is 38% I expect it will break through the bottom on the next swing down. If the retrace is 62% I expect the bottom will hold support and it will head up to 26.80. RWS