Noble Iron Inc V.NIR.H

RE: Fair is fair

[Francesco1]

The_Word, I do agree with your reasoning about the $2.00 area, This will provide a first stopping point for the reasons you gave. However, I do believe that the area around $3.25 will privide a solid resistance point on the upside once the weak hands sell out. Heres why ... I base my projections on Elloitt wave theory, which works very well with impulse wave equities such as Napier. An impulse wave equity is one that tracks companies that have very strong underlying fundamentals. I beleive that Napier is just such an equity. This is reflected in the shape of the rally that took place in april-may of 98. This rally took place on 5 very clear waves up, which is very rare. I base my upside projections on resistance points established during the initial rally phase. During this rally the 4th wave is very important, and peaked at approx. $3.25 in april of 98. The decline from the high $4.88 took the shape of an A-B-C zigzag. This is a common form of correction that takes place after a huge rally, as took place with Napier. The A-B-C decline began @ the high and bottomed at $.50 in march of 99. Between these 2 points a B wave rally took place that peaked @$3.25 in aug of 98. This is a normal retracement point during the rally phase after the bottom is in ($.50) High @ $4.88 (End of 5 wave rally) A wave decline bottoming in june-aug @ $2.00 B wave rally peaking in aug of 99 @ $3.25 C wave decline bottoming in march of 99 @ $.50 So, the $3.25 area marks a resistance point on the way up to $4.88 and also on the way down to $.50 ... so it has dual significance. Francesco