The downdraft in the final hour seriously damaged the bullish look of DIA’s hourly chart, but it’s still possible bears will turn gutless, as they usually do, as the week unfolds. There are so many potential point ‘A’ highs we could use to plot a ‘Richie’-type turnaround, so we won’t try. Instead, I’ll suggest looking for a low down around 340 with which to set-up an rABC trade. This one’s for experts only, since the white space encompassing the trade is as vast as the Pacific.
DIA – Dow Industrials ETF (Last:346.70)