Professor’s Comments – Before the Open 5/13/2022
Posted by OMS at May 13th, 2022
The market (Dow) could be setting up for an a-b-c retracement rally for a wave 2 up within Wave 3 down. As I mentioned in yesterday’s comments, the market is EXTREMELY oversold now and could bounce. If the bounce occurs, I will view it as another ‘gift’ …. another significant shorting opportunity.
Here’s what I’m thinking:
Wave ‘a’ up takes the Dow to near 32,250. Wave ‘b’ down drops it to 32,000. Then wave ‘c’ up completes the retracement pattern near 32,700.
I still believe the best way to trade this retracement is on the short-term bars. Should only take a few days. Then back down again……with 30,500 or below as my next target.
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BTW, thanks to all those students who signed up for my B-day Consulting Special. I’m going to be a busy bee during the next few weekends.
BTW, yesterday was another cigar day for me :>) If you have the Arrows and Bias indicator, the market keeps on giving and giving……
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