Professor’s Comments Update 12/11/15

Posted by OMS  at December 11th, 2015

The Dow is currently down over 250 points, causing it to trade below the critical 17,400 support level. This negates the Bullish Rising Wedge Pattern/Five Waves to a Top Pattern.

The break of 17,400 has increased the odds that the Dow will now test the 24 August lows below 16,000.

It appears that the Five Waves to a Top Scenario has truncated and the Ending Diagonal Scenario is taking over.

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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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