Professor’s Comments – 10:30 Update 1/20/23

Posted by OMS  at January 20th, 2023

For short term traders only!

On the Dow (DIA), I can now count five waves down, so sub-wave 1 down of Wave 1 down of Major Wave 3 down could be complete or is nearing completion. If/when sub-wave 2 up starts to retrace, I would expect it to go the 33,400 level. That would be to about 58 on SDOW.

TNA, the positive ETF for the Russell 2K could retrace to just under 40.

Once the sub-wave 2 up complete, probably over the next 2-3 days, I would expect sub-wave 3 down of Wave 3 down of Major Wave 3 down to start. It should be a dozy!

Do not loose sight of the impact that Wave 3 of Wave 3 down will have. It will be significant!

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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
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