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.
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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