Elliott Wave Analysis of the Dow Jones Industrial Average (DJIA) by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.

As you can see on the chart, upward movement may have concluded with an exhaustion gap to open the first day of trading this year. However, if the Dow Jones Industrial Average does manage to continue up past 12551, the only wave count I see at the moment is a very bullish 1-2-1-2-1-2-1-2 starting at the December 19 low of 11735. If movement above 12551 does occur, by the time the upward 3-4-3-4-3-4-5 can finish, the DJIA will likely have eclipsed its 2011 May 2 high of 12875.44, in which case my main count would then be that the upward movement since late September is most likely Burgundy (Primary) wave B of an expanded or running flat. So, whether or not the May 2 of 2011 high is taken out or not, both my main and alternate counts call for yet another substantial leg down in equities, most likely moving below the October 2011 low, and quite potentially well beyond. The main count shown above calls for that leg down to have commenced this week. See the notes on the chart itself for the additional factors that led to this being my main DJIA wave count.

If price does move above 12551, I still think that Wave C blue within Black wave Y will be the final upward wave at Minor (blue) degree before a significant trend change occurs, and Primary wave C (Burgundy) to the downside ensues.

Sid
http://elliottwavepre.wpengine.com