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To: BigBull who wrote (38339)	2/25/1999 5:55:00 PM
From: Big Dog	Respond to of 95453

U.S. Land rig count over the past 5 weeks: 588, 562, 558, 544, 531 I think it was 588 that set the new record low since tracking began in 1944. How low can you go??? This week's number will come out tmw...will it be even lower? big loosbrock.com

To: BigBull who wrote (38339)	2/25/1999 6:11:00 PM
From: Gary Burton	Read Replies (1) \| Respond to of 95453

Big--Maybe i should wait till PDE announces their numbers (tonight/tomorrow?)--But here goes anyway--I suspect PDE will rise t on any eps announcment (as in "thank god that's over with, now we know they aren't going under on the weekend")--sort of like FLC did today.---But, I need to see 5 waves down and so far I only see 3 in PDE and now 4 in FLC. So, my crstal ball says back towards 5ish for FLC and-after a rally- maybe 4.50 for PDE to complete the 5 wave sequence. Now that would be perfect EW so we shall soon see if the squiggles on the charts add up to that or not. ----As for what constitutes a Wave 1 rally (start of a larger move up), the answer is anything that shows 5 little subwaves up. That could be anything from a straight line up on a daily chart that happened to subdivide in 5 waves on say a half hour chart or it could take several days. 'You' probably won't know a Wave 1 when 'you' see one. And when the wave 1 is over, the Retrace (Wave 2) is often at least 50% retrace of the move (50-63%back is common since everyone thinks the Wave 1 was just another false rally.). So, the best plan of action is to let wave 1 do its thing, then buy the wave 2 pullback at say the 50% mark----that is if one is confident that the Low is already in (vvbg)