Professor’s Comments After the Open 1/20/16
Posted by OMS at January 20th, 2016
I sort of like what I’m seeing with HSY this morning. The stock held up well in this morning’s decline and appears to be in the process of forming a small wave 2. The wave 1 bounce off Friday’s low is pretty evident on the 10 min bars, so it might take some time for it to consolidate between Friday’s low and yesterday’s high.
I bought a few shares early this morning under 84 as a scalp. I’ll continue to do this as the day progresses, but will only start looking to hold the stock for a possible trend if it completes the wave 2 Blade on the 10 min bars. Show me the Blade!
BTW, the Dow is now in a natural area where wave 3 down should be completing. It’s also EXTREMELY oversold!
h
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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Category: Professor's Comments