Russian Dolls - 3 x Head and Shoulders on Dow Jones

FX:US30   Index of top 30 shares on Wall Street
We have three head and shoulders patterns nestled within one another like Russian dolls. The first two patterns are now confirmed and have played out, and now a return to the neckline number 2 (yellow line) will give a good short entry for us to aim to break the third neckline (green) and continue a correction of the rise since mid February.

If that third neckline (green) breaks we should see a return to test the 17k mark on the Dow which tends to equate to 2000 on the S&P 500            
Comment: Showing early signs of rejection in the right place (Yellow line). Perhaps we test more thoroughly in tomorrow's nyse session. Looking for short entries around this point.
Comment: Lower neckline just about survived here, perhaps we make another right shoulder here, i'd say probably looking at long positions today and then looking for rejection around the 17900 level to go short and retest the lower neckline again. If it breaks you'll be nicely positioned for a good ride down :)
Trade active: Neckline now well broken, but short with caution, patience is needed as ever. This analysis gives my view on the next week.

Dow Jones forecast week commencing 16th May
nice chart
BobVanders GrizzyP
thank you!
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