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Dow Jones Sitting at Crucial Level

Dow Jones Industrial genomsnittsindex (DJ:DJI)  
tyler_sim  
DJ:DJI   Dow Jones Industrial genomsnittsindex
Trend Analysis Chart Patterns Technical Analysis Symmetrical Triangle dowjones DOW SPDR S&P 500 ETF (SPY) DJI djia Bullish Patterns Bearish Patterns
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trendanalysis chartpattern technicalanalysis symmetricaltriangle dowjones dow spy dji djia bullish bearish
As the bulls have not been able to strongly recover from February correction yet, the current sideways action we are seeing in the Dow & the S&P suggests uncertainty. An important symmetrical triangle pattern has taken shape in the Dow amongst this current uncertainty, which becomes a very important area to watch for the near-future. A break below suggest bears are starting to gain control. Next chart posted will be the weekly setup right before the '87 flash crash, which I personally think looks VERY similar to the current setup. In my opinion, the current weekly Dow setup looks more similar to the '87 pre-crash setup than any other time since then. That is why I think that this current pattern is extremely important to keep a close eye on. A sharp close below by end of next week is very bearish imo. Still in overall uptrend so I am still bullish, but right now is a time to be cautious.
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