Elliott Wave Analysis: Dow Transportations Index and AUDGBP
Dow Transportations are trading nicely to the upside, with price trading in the middle of a big red third leg, specifically in blue wave (iv) of three. As we can see the index recently completed an extend wave in the previous wave (iii) at the 9491 level from where price started to decline. This decline we now see as part of a minimum three wave correction that could unfold in the current wave (iv). The ideal support for this wave (iv) could be around the 38.2- 61.8 Fibonacci ratio, from where more upside may follow.
Dow Transportations, Daily
On the Weekly chart of AUDGBP we are looking at a possible big five wave move in progress, with price now trading in an unfolding sub-wave 2, after a higher degree wave 1 had found its top at the 0.634 level. If that is the case then a three wave corrective move may now be in action, with pair trading in the first wave a-circled of this three wave move.
Find more: Contributing Authors