Professor’s Comments Updates 8/13/19

Posted by OMS  at August 13th, 2019

Today’s afternoon session could be the key to what happens to the markets for the next week or so.

That’s because I fully expect the market to so some backing and filling from lower levels this morning, but by afternoon, wave ‘b’ down of Wave 2 up could complete and wave ‘c’ up could take the Dow back above the 26,500+ level. That’s what could happen IF Wave 3 down has not started.

One of the levels I’ll be watching later is 2883 on the S&P.. If the market begins to rally above this level, there’s a good chance that wave ‘c’ up is underway.

Yesterday, the SPX closed at 2882.10, so if it can rally back to this level after being down in the pre-market, I will close out my long position in the DXD and look to re-establish it at lower priced (higher Dow).

Anyhow, it should be an interesting day. Trade cautiously and protect yourself.

The Model just sold its shares of DXD at 28.11.

The Model just increased its position in gold to a full position by buying another 325 shares of UGL at 34.55.

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The Hockey Stick Pattern
The Creation of Waves and Trends
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