Chelsea Oil and Gas Ltd. (fka COGLF)

[Belek]

Couple of notes from my techy newsletter last night..........fwiw

Stocks fell moderately Tuesday, after the Industrials and S&P 500 hit new highs and then closed down for the day. A top may have been achieved Tuesday, finishing wave {5} up of wave [c] up of (2) up of {i} down. If this is the case, a powerful wave (3) down move should be starting.

In terms of the Elliott Wave analysis, what the above is saying is that if this rise from August 24th is (2) up of {i} down, as we believe, then it is one large [a]-up, -down, [c]-up 3-3-5 Flat pattern from August 24th. Perhaps wave (3) down starts out slow. It will have five subwaves, so will be stairstep with corrective rallies, however at some point there could be a crash. In other words, the entire decline for (3) down may not be orderly. Part of it might be. However, panic selling could show up somewhere along its journey south. Again, if this analysis is correct.

The Bradley model turn date scheduled for Friday October 9th +/- a few days, is looking like a top. There is a phi mate and Bradley model turn date in mid-November so that could be a bottom for either {i} down or (3) down of {i} down.