Professor’s Comments October 21, 2014 Update
Posted by OMS at October 21st, 2014
With the Dow currently up about 90 points, it appears that the wave 4 retracement is nearing completion.
The pattern for the current wave 4 appears to be either a rising triangle or a zig-zag. Both are normal retracement patterns that occur after an impulsive wave 3 down.
From current levels, I believe the upside is likely limited to 50 points or less vs. about 900 points to a minimum downside target of 15,500.
In other words, I like the current odds for a decline and am starting to put the rest of my money to work.
That’s what I’m doing,
h
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