TRAN Transportation Daily Chart Fibonacci Retracements

Trannies show the rising wedge top in July with the pink H&S targeting 4200 which was achieved. The light blue lines show the positive divergence bounce projected for October. Price moved up in October, the 38% Fib retacement did not put up much of a fight, so price continued upwards thru the 50% Fib. The 62% Fib is serving as a ceiling now which is also the 200 day MA. Look at how price has traveled across the 50% and 62% Fib range.

A break below the 50% Fib at 4800 is very negative for the transports and the broad markets. Projection is for price to move sideways to sideways down moving forward. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your financial advisor before making any investment decision.

Note Added 11/21/11 at 9:33 AM: TRAN is printing 4776 currently, failing the 50% Fib, see if price stays under 4800 (very bearish for the broad markets), or not.

Note Added 11/21/11 at 10:18 AM:  TRAN 4725.

Note Added 11/21/11 at 10:48 AM:  Trannies lost the 4700 level now printing 4697.