Bearish Omen; Dow Industrials False Breakout To All Time High
The Dow Jones Industrial Average made a
new all time high of 26769.16 last week.
However, this week, on consecutive days the DOW
has fallen and breached the prior all time high of 26616,
and closed at 26385.28 on 9/26.
What the Dow has done by re-entering and violating
the support of the prior Dow high 26616,
is to put the prospect of a "false breakout" to the all time high
as a realistic possibility.
In strict technical analysis,
this decline back into the prior pattern ,below the prior all time Dow high
is potentially a very bearish omen indeed.
THE_UNWIND
new all time high of 26769.16 last week.
However, this week, on consecutive days the DOW
has fallen and breached the prior all time high of 26616,
and closed at 26385.28 on 9/26.
What the Dow has done by re-entering and violating
the support of the prior Dow high 26616,
is to put the prospect of a "false breakout" to the all time high
as a realistic possibility.
In strict technical analysis,
this decline back into the prior pattern ,below the prior all time Dow high
is potentially a very bearish omen indeed.
THE_UNWIND