Professor’s Comments Update 1/3/20
Posted by OMS at January 3rd, 2020
Equity futures are down hard this morning after the U.S. attacked and killed a top Iran commander in response to their attack on the U.S. embassy in Iraq. If the futures stay down today, it will support the possibility that the top is in. Further evidence will be supported by a break of the 28,400 level and a Negative turn in the market timing indicators. A break of the 28,400 level should start a sharp decline that will drop the Dow back to the 27,325 level, which is where the recent wave 5 rally started. So far this morning, the low for the Dow is just under the 28,500 level.
BTW, there was also a ‘relatively’ small change (12+) points in the A-D oscillator last night, so this could support an out-sized move within the next 1-2 days.
Not sure of the terminology we use? Check out these articles
The Hockey Stick Pattern
The Creation of Waves and Trends
FAQ
All of the commentary expressed in this site and any attachments are opinions of the author, subject to change, and provided for educational purposes only. Nothing in this commentary or any attachments should be considered as trading advice. Trading any financial instrument is RISKY and may result in loss of capital including loss of principal. Past performance is not indicative of future results. Always understand the RISK before you trade.
Category: Professor's Comments