Dow Jones Forms Second Consolidation @ Yearly Highs | Nov 26th
Dow Jones Index – Another Consolidation. More Upside?
For the second time in about a week, the US index has formed a consolidation/corrective phase at the yearly highs. The last one took 15 days and this one thus far has lasted 13, so a potential breakout soon, perhaps during the holidays while liquidity is thinner. The last consolidation broke down, shaking out weak players only for bulls to accumulate them and buy it back up for another 300 point run. Traders can look for pullbacks into 16022 (former consolidation high) for potential buy signals on the intra-day charts. If 16000 folds, then bearish pressure should put 15950 and 15875 under focus.
Take a look at our latest article Intra-Day Charts & The Myth Of Noise
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