Dow Jones Industrial Average(DJIA) Technical Analysis Chart 30 Oct 13
Click image to enlarge.
On 14 Sept 13 post, I mentioned that Dow Jones Industrial Average(DJIA) Index is forming a possible Head and Shoulders pattern in coming weeks depending on the market situation outcome. One and half months had gone by and we don’t see a Head and Shoulders pattern forming but instead we are seeing a likely Triple Top formation. A Triple Top formation is also reversal chart pattern.
From the 30 Oct 13 DJIA TA Chart, we also notice that DJIA is in a tilted side way channel, starting from 22 May 13 until today. Whether a Triple Top formation or a side way pattern, a confirm break of the lower slant blue line, will likely have a higher probability of DJIA going lower.
Therefore watch out in the next few weeks to see whether DJIA will breakout from the lower slant blue line.
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