Elliott Wave Leaderboard

Wednesday, February 22, 2012

Major U.S. Market Indexes Technically Reviewed & Revealed

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Let's look at where the major United States market indexes stand Today. I'd like to point out that on all of the charts, the bottom most trend line signaling the lower support of the up trend the markets are in is a gauge as to how powerful the index has climbed, or the lack thereof.

After looking at the charts, one can see that the Nasdaq has climbed relentlessly, and the Dow Transport Index has already began what looks like a 5 wave impulse down as well as the trend line support broken. For the Dow Theorists, this is not what you want in a bull market continuation.

The markets, in general, are at a turning point. There is evidence of this with the Transport Index as well as a break in the lower trend support for the Nasdaq rally. Additionally, the Industrial Average has failed to break out of the trend line resistance of larger degree. All of this evidence points to a correction at best. However, with the Elliott Wave Principle applied at a larger degree, this could very well be the beginning of a much larger move down... the one that I have been projecting.

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