Dow Price Channel
Trader Moe | May 21, 2015 01:50AM ET
Dow Futures are in the Critical Decision Wave of a Confirmed Price Channel (Red) and Have Already Decided They’re Putting in a Top
Dow futures are in the critical decision wave of a confirmed price channel (red on chart).
The critical decision wave of a price channel is when a price either sets up a breakout into a steeper channel or forms a top.
Dow futures have already broken the bottom of the channel after confirming it and are now crawling up the channel bottom. That means they are forming a top for the channeled move.
Based on the way the Dow is interacting with the price channel, it’s most likely in the head of a head and shoulders top.
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