DOW JONES Potential Head & Shoulders and invalidation level.

Almost a month ago we gave the most optimal buy entry for Dow Jones (DJI) exactly at the bottom of its 4-month Channel Down:

Right now, we see an emerging Head and Shoulders (H&S) pattern, which is a technical pattern typically formed on market tops. The key now is the 4H MA100 (green trend-line). A closing below it, will most likely accelerate the pull-back towards Support 1, in which case we will target 33330.

A 4H candle close above 4H MA50 (blue trend-line) will be a bullish break-out signal and should invalidate the H&S pattern, targeting first Resistance 1 and Resistance 2 in extension, in which case our Target will be 34500.

Note the the 4H RSI has been inside a Channel Down since April 04, thus a big Bearish Divergence when compared to the price's Channel Up.


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