DOW JONES INDUSTRIAL

I usually try to share daily & weekly price charts on this platform but today I wanted to post an interesting chart pattern Dow Jones Industrial Average might be forming on an hourly chart. When analyzing charts my main time frame is daily scale. I check weekly (one level higher) and 60 minute (one level lower) to better understand and evaluate the technical outlook. So the 60 min chart drew my attention while I was looking at Dow indices on daily and weekly scale.

If Dow Jones Industrial Average is forming a Head & Shoulder top index should not break above 12,920 level. According to this chart pattern and analysis Dow Jones industrial is completing the right shoulder of a Head & Shoulder top. Neckline is standing at 12,740 level which should eventually break down if this is a valid H&S top formation. For this bearish pattern to stay intact, Dow Jones Industrial Average should start moving lower from these levels.