Professor’s Comments – Before the Open 12/1/2021
Posted by OMS at December 1st, 2021
Yesterday’s 652-point decline on the Dow to 34,424 was likely wave 3 within Wave 1 down. If this is the case, the Dow could start a wave 4 retracement rally today. Because it will be a wave 4, it will likely be a complex rally that could take several days to complete.
My target for the retracement is anywhere between the 34,750 to 35,000 level. After that, wave 5 down should drop the Dow near or below 34,000 to complete the five-wave declining sequence.
If the Dow does rally to the levels mentioned above, I would view the rally as an excellent shorting opportunity.
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Not sure of the terminology we use? Check out these articles
The Hockey Stick Pattern
The Creation of Waves and Trends
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Category: Professor's Comments