Market Report: Elliott Wave Analysis of Dow Industrials via DIA
The trend from Oct 2011 is likely in its final stages, it appears wave  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.
Until next time,
Have a profitable week ahead.