Here is the Elliott Wave Analysis of DJ Industrial Average that I presented to an audience of over 200 traders this morning. 
You will see that I am bearish in the slightly medium term for a dip to at least around the 9000 level and would recommend any recovery to get out of longs. If you get an (unlikely) rally above the recent high, then you can even buy out-of-the-money puts because I would then label such a recovery as an irregular B wave and still look for a move down.
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Hi Ramki,
Any chance of an update on the Dow.? I have been particularly bearish for some time and managed to use the wave counts to my advantage in the down market. However, although my bearish sentiment remains as the fundamentals appear not to have changed, the market is proving me quite wrong….
Many thanks
Nick