Professor’s Comments Update 11-5-2015

Posted by OMS  at November 5th, 2015

Since Tuesday’s high, the DIA has made 5 waves down into yesterday’s low. You can easily see the 5 waves down on the 15 min chart.

Then from yesterday’s low, the DIA has retraced in an a-b-c pattern that appears to be a wave 2 up. In the last 45 minutes, the Dow has fallen in three large impulsive bars that broke the 178 level. Impulsive bars are usually a sign of a wave 3, which in this case could be wave 3 of Wave 1 down.

It should be interesting to watch the rest of today’s trading action If the DIA continues to decline in 5 waves, it could be an indication that the top is in.

Watching.

That’s what I’m doing,

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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