DIA – Dow Industrials ETF (Last:175.30)

Minor abc downtrends can tell usSince last Wednesday, the Dow has sold off moderately from within a nickel of the 180.23 midpoint Hidden Pivot shown. That doesn’t necessarily mean the bull market is over, but it does raise a yellow flag. Accordingly, we’ll need to pay close attention to minor, downtrending abc patterns, since, if they start overshooting their ‘d’ targets, that would imply the selling is gaining in strength. The first such pattern relevant to this concern is shown at the rightmost edge of the chart (see inset). Since the midpoint support at 176.28 looks unlikely to hold, you should consider shorting from that price using June 17 175 puts. Pay no more than 0.27 for them if DIA is trading for 176.60 or less, but you can lower the bid by a penny for each 4-cent move in the underlying above 176.60. Since the puts have just hours left before they expire, work this order only until 11:30 a.m. EDT. I’ll also recommend reversing the position and bottom-fishing if D=174.78 is hit or approached within three cents.  Use Jun 24 175 calls for this purpose, and report any fills in the chat room so that I can establish a tracking position. _______ UPDATE (June 16, 10:50 pa.m. EDT): Not a single mention of DIA in the chat room this morning!?  It has plunged to within two cents of the 174.78 target given above, then reversed for a very tradable, 52-cent gain. I had provided VERY detailed, explicit trading instructions because this opportunity was meant for everyone, including rookies and new subscribers. Did anyone get a piece of it? If so, please speak up so that I can establish a tracking position.