redbacka's - blue funk thursday, page-58

DJIA looks like it's in a complex wave 4 at the moment. Since it broke the May 2011 top it's been consolidating above that level. I think TWIST finishes at the end of June (?) so maybe insto's are in distribution / churn mode, having captured the meat of the move up. I can't help thinking there would be one more push higher for a wave 5 at the end of June if this is the case, pulling in retail and setting up for a correction at the end of twist.

Looking at the Transports (DTX) they haven't moved to new highs yet. No Dow Theory confirmation. The count looks similar though with alternate 2 & 4 corrections and no overlap. Wave 3 looks a bit dodgey I know. It's holding the 200ma at this stage. I wouldn't rule out a false break down out of the triangle before going up into the end of June to complete a 5th and test the July 2011 top. May or may not make a new high. Non confirmation of Dow Theory would suggest no new high.

as you can see I'm trying not to over think this lol

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