Dow Jones Sitting at Crucial Level
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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