Here is another chart sporting a compelling story. A bullish
one that is. As my other recent posts, the Dow Jones US Airlines seems to indicate there's still life in this bull
market. From its high of early 2015, the index decline in pretty much a textbook flat i.e. an ABC with wave B trying to kiss the high. Then we have near equality between A and C. Another interesting observation, the decline lasted very close to a Fibonacci 13 months or a Fibonacci 55 Weeks.
Markets are patterned. In time and shape. You just have to deal with the fact that is rarely clear cut. Actually I think it has to be murky enough for most people to not believe in that theory so they can produce those patterns.
The bottom line is the current advance from recent low is impulsive indicating the trend is now up and one as to expect at least 3 waves up at minimum for the airlines are bullish
long term until we can count a sequence of 5 waves.