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John:
CL is in an almost classic Elliott Wave 3 topping area.... Wave 5 down
bottomed with a direct hit on the GET weekly MOB target on 12-21-98.....
Followed by w1 up topping on 1-11, w2 down bottoming on 2-17, and w3 up
topping (likely) on 5-03. IF this perspective is correct, we are therefore
in a Wave 4 retracement....
Given that the Weekly GET Profit Taking Index is 79 and the Daily is 91, you
have very high likelihoods that any Wave 5 rally will take out the 5-03 high.
Also, looking at the oscillator strength, the wave 3 was very impressive.
SO, I'm making any short-trades with this perspective in mind, keeping tight
stops, and more enthusiastic about trading any ensuing re-bound.
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