DJIA ETF -DIA -Daily -August Options Expiry Was Today's Low

200 5
I normally watch only the SPY ( SP500 SPDR ETF ) for options expiration key levels, but I thought I'd check the DIA and see how it looked and here it is.

Lately too, the volume on the downside since mid-July has swamped the buying days. So, either people are shorting DIA against their portfolios on down days to hedge (like the good old days) or this is just an observation.

You can see now that 169 is a key resistance area just overhead. If we see 169, I'll be selling and looking for 166 and change to cover, then will look for 164.5, then 164.0.


Tim 11:05PM EST 10/2/2014
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I actually would like your opinion on the strength to these formations in the following idea

i lack age to state if they are as strong as hehe claims, but does have some ground under it.
I have too many comments ... wave ii is bigger than 2. Wave 1-2-3 is slower than the previous decline (which means that isn't an impulsive advance despite it looking like one).... Wave c in 4 isn't a 5-wave decline. Elliott is so complex and the logic implications have to be in place. So, I use a different set of logic rules that I learned from Glenn Neely and "Mastering Elliott Wave"
2use timwest
I also don't see it as a strong setup, but i cant show experience to state that. I should say that your opinion on this holds a lot of analysis already - hence i risked to ask. Thanx for that !
Thanks for the reply - It's good to have a group of people to analyze most things in life - experience or inexperience doesn't always matter. I think if you wait for patterns in Elliott that have high projection potential and low risk to stop distances, then assume the probability of finding a trade is low, but when you get a winner it is a monster. Then it becomes psychological at that point to not get too excited about your gains and keep your head low.

2use timwest
Trade not for the money - trade to trade well :) Thanx for the tip!
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