Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.

Market perspective. The technical approach consists of chart patterns and important support/resistance zones. The purpose of this section is to give directions of the price on short and medium term (a few days up to a few months).

Trading setups. The analysis posted here will provide trading scenarios based on different technical tools.

Romanian Market. This is a section dedicated to Romanian stocks and indices.

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Thursday, May 24, 2012

Travelers Cos Inc. (TRV) - Bullish trend still in progress. 2012.05.24

The daily chart of Travelers Cos Inc. shows a medium term rising trend that started in early October 2011.

The Elliott Wave analysis reveals the development of a primary third impulsive wave (III). Breaking down the waves, the count shows the fifth wave of the third wave in progress. The first target is in the $65.77-$66.20 area, this being calculated using the wave projections.

In case of a wave iv continuation below the current support at $62.10, the next target for wave iv will be in the $60 area.

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