Dow Transports

I did some work on the Dow transports this morning to judge whether the sell off in the US market is going to get bigger. We are in the final legs. The chart below for the Transports index that broke far higher than others shows wave 5 subdividing into i-ii-iii-iv-v and we are in wave iv. Trehdline support is at 7950 and violation of this wave count is below 7774. Till then one last push up to complete wave v of 5 before a medium term top appears due here with a target of 8350.