On the weekly chart of DOW Transportations
index we can see that market has been trading bullish
since the star of 2012. It has made big three waves up so far with an exetended structure in blue wave 3. So now we expect a pullback in wave 4 to 8300 or possibly even down to 8060– 7680 area, where support is seen at previous wave ((iv)).
On the Daily chart
we see a corrective retracement unfolding in wave 4.