Exactly a month back, on 18th August, when we discussed the Elliott Wave outlook for the Dow Jones Industrial Average, we identified 11725 as a key level. The index topped out at 11712 and came off by over 7%. However, we are witnessing yet another recovery in this complex correction, and so a new key level emerges for our next directional trade. This comes at 11940. If we approach that level with diminishing volume, it makes sense to turn short there with a nearby stop. I still have not given up on the move to 9970 at this point in time. Ramki