DOW JONES Ascending Triangle on its Bullish Leg.

The Dow Jones Industrial Average Index (DJI) broke above the 4H MA200 (orange trend-line) again for the first time in a week, while holding the 4H MA50 (blue trend-line) as Support. The dominant pattern is an Ascending Triangle and the price action appears to be repeating the previous Leg.

As you can see, following the bottom formation and accumulation (green Arc) on the Higher Lows trend-line, which followed the Bearish Leg in the form of a Channel Down, the previous Bullish Leg (dotted Channel Up) posted a strong rally, the 2nd phase of the structure, towards the Ascending Triangle's top at 40080 (Resistance 1) when it broke above the 4H MA200.

As a result, we are bullish as long as the Asc. Triangle holds, targeting 40000 (just under Resistance 1, bottom of the red Zone). If however the price breaks below the Asc. Triangle (Higher Lows), we will take the loss on the buy and open a sell instead, targeting 37250 (Support 1).

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