Dow Utilities

The Dow Utilities index was the biggest loser among the US indices in the last few months. But it is now in a counter trend move as Oil prices recover. The fall can be a 5 wave decline [wave A] and we are in a 3 wave rise, marked a-b-c which is not over. 

However the Dow Transports which I discussed yesterday evening has closed below the lower triangle trendline which at this stage indicates a downward break as a lead indication of more selling ahead. The fall was not sharp and therefore requires a little more watching that it is not a false signal.