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To: gregor who wrote (32568)	12/7/1998 5:25:00 PM
From: Gary Burton	Read Replies (4) \| Respond to of 95453

Amidst all the bulls on this board, I well recognize no one wants to have more cold water dumped on here but here goes anyway. (I'm long only GLBL from 4.95 and ESV from 9.63 at the moment and want to buy others so one can say that i want these stocks to back up so maybe i'm biased).Anyway, my reason in waiting has solely to do with that arcane stuff called elliott wave (which some here will of course dismiss). EW says to me that wti needs to go down in 5 waves from 16.25ish to or below the 1982 print low of 9.75 and we only finished 3 at the recent low below 11, making the current blip up a 4. It is common for 4 to retrace about 38% of 3, which by my thinking would suggest 11.75-12 for 4 to top out--to then be followed by the last move down to a new low on wti. ---- When I look at the SLB chart, I see the same thing. SLB hit 40.06 Fri am for end of 3rd wave. A standard 38% retracement of the 3rd wave would suggest the current 4 should peak out anywhere in here. It may have peaked today or maybe another 50c up tomorrow, don't know. Then a wave 5 to slight new low just below 40--say 39-should ensue. Bottom line--I still think that today is a false rally but that one should load the truck on the next low as it should be the last low of the sequence for some time to come.