Professor’s Comments Update 9/19/17

Posted by OMS  at September 19th, 2017

Not much happening today as traders wait for tomorrow’s Fed announcement.

One of the things I’m watching is the first 15 minute bar on the Q’s. It’s possible that the NASDAQ-100, QQQ, has already topped. If so, yesterday’s late day impulsive decline could be a small sub-wave 3 within wave 1 down. So IF the first 15 min bar low (on a 15 min chart) is broken today, it could signal the start of sub-wave 5 down within wave 1 down. This is not important by itself, but if the Q’s start to break down and trade below the 15 min bar low of 145.31, they should test and break below yesterday’s low of 145.11. That would be important as it would identify the move as wave 1 down in a much larger sequence.

Tomorrow is a Fed Day, which is usually Bullish, so IF the Q’s trade below 145.11, we could see an early retracement rally tomorrow morning for wave 2 up which would set up wave 3 down after the Fed announcement.

It’s not much, but at least its something to watch and contemplate while we wait.

If the Q’s trade above today’s first 15 min bar high, all negative bets are off. The short-term pattern simply blows up.

h

One hour video recorded from May 28, 2016 The Professor’s Signs of a Major Market Turn – Prospectives and the Projected Timing and Levels One hour streaming video – includes webinar handouts The Professor usually holds an update class whenever the Market looks like it may be making a major turn. If you have been following the Professor’s Comments you know that a turn is due….. LEARN MORE

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

The Hockey Stick Pattern
The Creation of Waves and Trends
FAQ

All of the commentary expressed in this site and any attachments are opinions of the author, subject to change, and provided for educational purposes only. Nothing in this commentary or any attachments should be considered as trading advice. Trading any financial instrument is RISKY and may result in loss of capital including loss of principal. Past performance is not indicative of future results. Always understand the RISK before you trade.