Professor’s Comments Update 8/29/17

Posted by OMS  at August 29th, 2017

The Dow is not behaving like it should. This morning’s opening decline should have continued. It did not, so the pattern could be morphing into something else. As long as the Dow says above its 50-day moving average, a five wave Bullish triangle could be developing. At this point, a Bullish Triangle is still somewhat of a long shot, but the longer the Dow moves sideways, it has to be considered.

I’m moving to the sidelines until I start seeing some impulsive action that would identify the current pattern as a wave 3 down.

I’ll talk more about the ‘potential’ triangle and its targets in tomorrow’s Comments.

The ‘Battle for the 50’ continues.

h

One hour video recorded from May 28, 2016 The Professor’s Signs of a Major Market Turn – Prospectives and the Projected Timing and Levels One hour streaming video – includes webinar handouts The Professor usually holds an update class whenever the Market looks like it may be making a major turn. If you have been following the Professor’s Comments you know that a turn is due….. LEARN MORE

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.