Dow Jones Transport

Dow Jones Transport (DJT) corrected from the upper end of the rising channel in May 2021 and recently tested the lower end of the rising channel. From Elliott wave perspective, DJT is in a larger degree Wave 3. Within Wave 3, it has completed minor degree Wave IV and now Wave V should unfold. In the near term, it has multiple hurdles at 15130 - 15175 and once this resistance zone is crossed, it can rise higher towards the upper Bollinger band which is currently at 15559, and subsequently it is expected to re-test the May 2021 high of 16170. Breaking above 16170 can push the DJT higher towards the upper end of the rising channel which is currently pegged at 17400 levels. On the downside, 14750 - 14587 will act as crucial support levels