elliott wave count, page-14

Cato - hahaha I love the quatrain!!

with regards to your comments about Elliott Wave (they didn't offend me), all I can say is that like any prediction, one has to wait for time to unfold to judge its success. True EW predictions are based purely on chart patterns, so no fundamental news should be considered or anticipated. In essence though an EW prediction is just that - they don't always work and sometimes they make no sense whatsoever, but sometimes they can be scarily accurate.

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bripoz - thanks for your words of encouragement - I'm pretty thick skinned with regards to EW detractors and detractors in general (not that I think Cato was being nasty or anything) - obviously I can get a bit shirty when I feel there is a major injustice taking place, but people slagging me is not a major injustice. Good to hear you've had some success with charts!

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nemu - the larger triangular pattern is a valid option - my preferred EW count though is a highly complex corrective pattern based on a non-limiting triangular pattern (as per Neely).

regardless of the charts, I don't fell a bad result at Grace will exert too much pressure to the downside. There is no Grace success factored into the price, on the contrary, there appears to be massive Grace failure being priced in! I actually think a failure at Grace could be the catalyst for a move higher - a dry well would probably spell the end of WA314P, and the loss would be capped at $90 million - drive away, no more to pay (so to speak). The worst result possible would be a decent showing of hydrocarbons without a definitive flow test result - that would entice KAR (and hopefully a new JV partner) to continue to spend money chasing the elephant that KAR obviously believe is hiding up there! That said, I'm hoping for a decent discovery up there as I would like to see Mark Smith vindicated... again!!! I seriously doubt if there is a Geo with a better strike rate than Mark at the moment!!