The following are the upside targets based on Dow's retracement principal as interpreted by Nelson, Hamilton, and Rhea. The estimated times when each market might hit their respective targets are not part of Dow's theory.
- Dow Jones Industrial Average: 10836.11 around late April or early May 2009
- Dow Jones Transportation Average: 4126.56 around late July or early August 2009
- XAU Gold Stock Index: 136.40 around late February or early March 2009
If these indices go beyond the listed upside target by 30% with increasing volume then the old record highs will be tested. Touc.
Sources:
- Hamilton, William Peter. The Stock Market Barometer. Harper & Brothers. 1922. page 37.
- Rhea, Robert. The Dow Theory. 1932. page 52.
- Nelson, S.A. The ABC of Stock Speculation. Fraser Publishing. 1999. page 40.
