Professor’s Comments – Yesterday’s Action 4/27/2022

Posted by OMS  at April 27th, 2022

Yesterday was another Big Day for scalp traders. Over $2,500 profit on SQQQ and TZA alone.

From a technical perspective, it appears that yesterday’s decline was wave ‘b’ down of an a-b-c move for retracement wave 2 up of Wave 3 down. If I’m correct about the pattern, the Dow could retrace a good portion of the 2,169 points it has lost since last week’s wave 1 decline. A few quick calculations suggest the wave ‘c’ retracement could go as high as the 34,500 level. I’m not sure if this will happen, but 34,200+ is a reasonable number.

Bottom Line: If the Dow rallies today back above 34,000, I’ll start looking to buy inverse index ETFs near or above that that level. My reason? Wave 3 of 3 down should be a minimum of 1.6X wave 1 down ( approx. 3,500 Dow points). So IF the Dow rallies back to 34,200, that puts my target for Wave 3 down near the 30,700 level.

Don’t forget about my B-day consulting special. Only $125 to get fully comfortable with the trading methodology that has produced over 6K last Thursday, 7K on Friday and $2,500 yesterday.

I have openings this weekend. Do it! Remember, learning how to trade is something that will last you the rest of your life. This Bear is NOT going away soon. It will likely last another 3-4 years. Make the investment and profit from the decline Go to the website and register for the session. Dave will adjust the price down to $125.

That’s what I’m doing,

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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.