Professor’s Comments November 22, 2013 Update

Posted by OMS  at November 22nd, 2013

If you have some time this morning, you might want to have a quick look at a chart of the DJI on the 60s.

For the past 11 days, the Dow has chopped higher in 5 distinct waves. If I’m right about these waves being the part of the final wave in the current leg up, the high of 16,030 made last Monday should be the top of wave 3. The next three days were wave 4, and today we could be seeing the development of the final wave 5.

The S& P and NASDAQ (QQQ) are showing similar patterns.

If I’m correct about all of this, we should be very close to a top.

Because of this, I will be looking to short the Dow and S&P by buying a few shares of the inverse index ETFs once the PT indicators give say so.

TWID,

h

Not sure of the terminology we use? Check out these articles

The Hockey Stick Pattern
The Creation of Waves and Trends
FAQ

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