Here is the bottom line: If the DOW transports makes a new high above 4051 prior to making a new low under the recent 3656 low, I may be seriously discouraged about using EW theory for secondary-type indexes.
Why? Because it counts very nice as a 5 wave pattern down and the bounce since appears corrective even as it has almost traced to the 61.8% Fib marker.
But I have a reasonable degree of confidence the 4051 transport high will hold, and then, at the least, another 5 wave pattern should trace down. A 5 wave down structure from the recent high is a nice EW pattern worth betting real money on.
Oil at $75 again? Buy an airline or a railroad why don't ya?
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