Professor’s Comments Update 2/4/16

Posted by OMS  at February 4th, 2016

Today’s trading action appears to be part of a wave 2 correction.

If you look at the wave count on the 10 min bars for the Dow, you can clearly count five waves up from yesterday’s low into today’s high. Since that high the Dow has pulled back in an a-b-c retracement that appears to be wave 2.

If I’m correct about the wave count, wave 3 up should start once the current retracement wave completes.
Looking to buy a few DDMs if the indicators give say so.

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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