Dow Jones – Forms False Break, Closes Within Consolidation
For almost a month, the Dow Jones Index was stuck between the 17160 and 16930 before breaking out late last week and reaching a high of 17365.
However, over the last two days, the DJ has sold off aggressively, losing almost 350 points in the process and forming a false break now below key role reversal level at 17160.
For now, watch for a corrective pullback here to get short. If the price action breaks below 16933, then we should see some further unwinding as anyone who bought that dip on Sept 15th will then be in the red or stopped out.
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