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.

Until next time

Have a profitable week ahead

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By Jason Soni AKA Nouf

© 2014 Copyright Jason Soni AKA Nouf - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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