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To: Platter who wrote (34818)	1/11/1999 4:26:00 PM
From: Gary Burton	Respond to of 95453

According to my count, this morning we completed 5 waves up from the low (approx 10.78 to 13.78 print) for a move of approx 3c in Feb crude. Lending some credence to this count is the fact that the stocks underperformed today's % rise in crude--a common occurance when one is at the end of a completed wave. If my count is correct, we should now retrace 50%-62% of the 3c gain before starting the next 5w sequence up (which will exceed this am's peak). This suggests a dip to the 11.90-12.30 area. Theorectically there is nothing in EW that would prevent a drop all the way back to the recent low, just that it should not go below such low . The usual retrace of this first wave is in the 50-62% range, which is what i'm now looking for. It is possible that we go up a bit first tomorrow, but this should not be sustained before the dip sets in. Like Slider I sold my position in VTS today- as well as selling RDC, while buying IO since it hasn't participated in this rally very much. I'm looking to buy some more positions later this week on a pullback. my 2c