[LUV] update - transports flashing a warning signal

In the backlink I was clearly bearish on LUV and expecting a dramatic drop to occur soon.  Below is the daily chart model from that post.




Below is a slightly different count on the same chart.  In either case, the red circle is the battle front.  If LUV cannot hold this line then the broader markets will likely begin to collapse very soon.  Note that LUV is now in the area of negative returns for calendar year 2015. 

Be patient with UVXY folks.  The DJIA has possible upside to 18600, 18700 tops, but likely barely 18600.  That would complete a big ending diagonal and the action on the transports suggests that the industrials are not far from a downward reversal.