Monday, September 28, 2009

Dow Transports





I posted a transport chart a while back and wanted to provide one with the updated price action. It appears that wave (c) of Y (green) topped at .618 x (a) of Y (green).

The following price action appears to be working on a five wave structure down. Could she be telling us something? She certainly does not look like she is setting up to confirm anything to the upside anytime soon.

The extremely bullish count is that a series of 1-2s have developed starting from the X wave low. I do not have this alternate count labeled.

The first 1-2 would be (a) blue and (b) blue respectively. The second set would have 1 top at wave Y? (green) and the subsequent pullback a wave 2.

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