The chart posted is the Dow jones transportation etf IYT i have now labeled the drop in what seems to be a 5 wave drop into the last stand support 209 this a place we should now see an large ABC and we should see .236 to .382 of the drop in a counter trend rally
The AMEX:IYT ETF, which is currently at a critical trend line support level. This pivotal juncture could very well influence the ETF's directional bias in the short to medium term.
For those looking at potential entry or exit points, this may present an ideal moment to reassess your positions and investment strategies involving $IYT. Trend line support levels...
The traditional indicator of a bear market, transports, has officially broken through major support. (What wedge is there left?) When everything collides at once, high *everything* prices, high interest rates, high credit card debt, high social anxiety, and majority of bears are deathly silent, on a foundation of bull !@#$ and 0dte options (mostly bullish), what...
This $200 range has a long history of solid support which used to once be heavy never-ending resistance. This should now be really strong support as shown today. That double bottom it created at the $197 range this afternoon should really be current Temp. support. I would expect ( not financial advice) a relief bounce from here. If and when the $200 level is lost...
ishares Trust iShares U.S. Transportation ETF AMEX:IYT
I am bullish on IYT because I've identified a Bullish Harami pattern on the daily chart. Furthermore, we have several confluences on the MacD, RSI and volume indicators.
-The signal is crossing up like A.I. (Allen Iverson) on the MacD indicator
- The RSI indicator is pointing up
-The OBV indicator is...
Just a nasty chart. Flag breakdown target is around $212 if it loses $239. Probably retests 2020 highs if it gets that low. Idk what changed in April but it looks like a LOT of selling so far.
Transports (IYT) ETF is oversold and at support. Biggest holdings are UPS and UNP. Something to watch next week.
GM is also almost oversold, might take a stab if MFI touches oversold next week. Double bottom maybe?
After making new highs in 2021, the transport ETF has failed to push to new highs on multiple occasions. This similar chart pattern also took place in 2008. There's an unfilled gap in the $148-152 level. That would be a logical target when/if this weakness continues. This is also a potential ominous sign for the overall markets if the 2008 playbook is repeating...
Here's one I've been short a while as a way to express against the market and now rejecting from the 50WMA looks ready to descend into the abyss down pre market also.
Massive RSI divergence shows what coming I think and although I'm not sure if this will go quite as deep as $140 I said on previous thread I do think this will tag the 200WMA at least, go sub $200...
IYT here appears to have completed a primary B wave and an intermediate B wave here.
Primary B can be recognised as a correction by hidden RSI divergence.
Intermediate B has filled a gap and hit 0.618 retracement.
Should easily see $140 for a primary C and maybe much more.
Not advice.
I have now moved to a net short in djt using IYT We have the etf forming a double top as the cash made a new high .This is very neg going forward FOR ALL INDEXES .USE PUTS FOR MARCH TO MID SUMMER AT THE MONEY
Little late to the party on this one. Starting in May 2021 the transports started to diverge from broad market indices. Over the last two weeks that divergence has reversed a bit, but worth keeping an eye on this.
I originally spotted daily trend reversal few months ago (see my linked post). Price since May have been moving in down sloping channel. I expect price to keep declining:
$231 - minimum price target
$213 - most likely scenario
$197 - also very possible, but price might not dip that low. Would be an amazing buying opportunity.
On weekly chart there is 50 DMA...
