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Dow Transports

27 Jan 2016 ‚óŹ 07:16 AM

The Dow Transports did fall a little beyond the point where C=A but they are still almost equal. Note the rising channel from the 2009 low, broken on the upside and now downside. 2011 retraced the previous move by 50%, the recent decline is just over 50% retracement of the 2011-2014 move. Since the recent decline has a triangle in wave B I have marked it so far as 3 waves down and not 1-2-3, Looking for more evidence to think otherwise, but this set up should mean a bottom for the medium term.

dowt270116

As seen in the next chart of the weekly RSI for the Transports readings near 30 as seen now have meant so in the past.

dowta270116

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