Stock Market Analysis With The Elliott Wave Principle -Dow Jones, S&P 500, Russell 2000, Nasdaq and FX. All charts and commentary on this site are strictly the opinions of the author(s) and are for recreational purposes only. In no way should this be construed as trading advice or a recommendation for investing. See disclaimer at the bottom of the page.
Tuesday, September 8, 2009
Dow Transports
Not sure what to make of this but perhaps the transports may also provide some guidance? I have labeled the transports as a double ZZ.
Given today's price action, Wave Y (green) closed at a nice .618 x Wave W (green). Price here is also approaching the upper trendline of the bearish wedge. This technically, would suffice from an EW wave count.
If the transports have a a little more to go (which I think it may), that would complete Wave (c) blue at .382 x Wave (a) blue and place price right at the upper trendline.
Either way, I think the transports are also close to rolling over. If I have time, I will look at other sectors as well.
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