Ewj: elliott wave

New highs with less volume = not wave 3.
May be an Irregular B like 1929.

 

TRAN vs INDU
Which one is the leader?

 

INDU confirmed TRAN's Bearish signal.
INDU's Death Cross.
INDU's multiple "Big M" (moribund) patterns.
17037 = neckline.
"Big M" target = 15935 if confirmed.

 

TRAN rebounded from 7,970 near Bigger "Big M" target @ 7,960 to 8530 near previous target @ 8,584.
Next target may be 7,700.

 

NASDAQ rebounded from 4,825 near BULL Trap support at 4,810 to 5,231 just above Year 2000's High then fell DOWN to 4,945.
There may be another new High.

 

SPX's "Big M" failed. SPX is now in a trading range between 2,134 and 2,039 for more than half a year.

 

UTIL didn't rebound from 575 as expected but from 548 to 609 near 612 target.
Next may be a fall to 525.

 

USD/JPY went up to 125.85.
There may be another wave to 127.5 before some set back to 118.

 

Wave III3]3)5.5 is a wave 5 failure.
Wave III3]4) went UP to 1.145.
Wave III3]5) may go DOWN to 1.023.