Professor’s Comments December 31, 2018

Posted by OMS  at December 31st, 2018

After looking at Friday’s early rally and late decline, it’s possible they were waves ‘a’ up and ‘b’ down of a three wave sequence for sub-wave 2 up. 

If this is the case, the Dow could rally to the 23,700 level before sub-wave 2 completes and Wave 3 down resumes its decline.  The rally would be minor wave ‘c’ of sub-wave 2 and could last into the New Year.

I’m still expecting the Dow to test its 200-week moving average, which is located near the 21,300 level, on the next wave down.  So, I’ll be looking to short the market on any negative signal IF the Dow starts to approach 23,700 level.

That’s what I’m doing,

h

Happy New Year! 

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