CLIFF NOTES: not even a whimper at the pattern in/around 7660. So, if look at this post: http://bartscharts.com/2014/06/12/dow-jones-transports-and-the-major-seventh/ we will note that the 1.8877 extension worked the last time. So .. that’s a target around 8578. doing some math and dividing 13.43 into that number we get 638.7. Move the decimal point and we get 638.7 – today we are 638.5 months from the all time low. so, perhaps we’ll go another 300 points to tag that target and, why not? Still amazed that the MAJOR target at 7660 was, simply, crushed w/ hardly any resistance.
Onward …
below you’ll find the Daily chart .. of note is their is divergence present w/ a nice butterfly SELL pattern coming into play. the other thing to note is this divergence is present in the 70’s on the RSI. On the monthly we are up at the 80’s …
