Market Report: Elliott Wave Analysis of Dow Industrials via DIA

By: Nouf | Sun, May 4, 2014
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The trend from Oct 2011 is likely in its final stages, it appears wave [5] could be a possible ending diagonal so we are monitoring a potential bearish wedge shape, the RSI appears to be confirming the advance being a 5th wave terminating rally.

Once completed we are looking for opportunities to sell the DOW either by selling the market directing via the YM (e-mini futures) or potentially buying puts.

A great opportunity I suspect is close by and although I am initially targeting the 145 area, the potential for much more downside could suggest targets well under 130-120.

DIA Chart
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Until next time,
Have a profitable week ahead.

 


 

Nouf

Author: Nouf

Nouf
www.Wavepatterntraders.com

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