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-----Original Message-----
From: fpi@xxxxxxxxxxxx <fpi@xxxxxxxxxxxx>
To: omega-list@xxxxxxxxxx <omega-list@xxxxxxxxxx>
Date: Friday, July 31, 1998 6:09 PM
Subject: Re: SMRT and GC98Z
>At 05:30 PM 7/31/98 -0400, you wrote:
>>It appears to me as if SMRT has broken out from a H&S continuation pattern
>>which points for a minimum target around 8.5-9.
>
>***Min target is 9.375.
I can see how you got that... Perhaps I should clarify that how I got my
target zone. I got the 8.5 by taking the difference between the low and the
high after the gap and then subtracted that number from the break of support
just below 11 and got about 8.5. However, I could not ignore the support at
9 so I took a zone there. So, I apologize for the confusion. My target
wasn't really derived from the H&S pattern...
>>
>>GC98Z appears to me as going to test 290 after an ABC wave correction
>>against the 50% retracement level (intraday highs approached 62%).
>>Moreover, assuming that my countings are correct and GC98Z is not
>>consolidating (a valid assumption in my humble opinion because of the high
>>volume in the past wee), GC98Z is just on its third wave of a larger
degree
>>wave3. And waves 3s are supposedly the most extended moves; both degrees
>>together call for immediate action.
>>
>>On a little bit fundamental side, the Japanese election appears to be a
joke
>>for me since the darn conservatives remain in power although the new prime
>>minister seems to be aggressive but that is relative talking. With CD98U
>>weak as I am physically, dollar is likely to stay on the rise. Both
points
>>to a more serious downturn in gold prices.
>>
>>In short, the big picture appears ugly and I would short gold if it breaks
>>down 290 (assuming I didn't short it already).
>
>***Since you seem knowledgeable in classical technical analysis, notice the
>H&S Bottom failure with the takeout of the left shoulder low of 294.30. A
>sell-stop at 294.20 would have been your best technical entry.
I was aware of that but I wasn't aware of the list back then...
>
>Considering you are in high school, you seem to have a good jump on a
>future of successful trading/investing.
>
>FPI
>>
>>HMJ
>>
>>PS: this is my first serious thread. I hope you enjoy this.
>>
>>DISCLAIMER: I am just an obsessed highschool student...
>>
>>
>>
>
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