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Last week we spent some time talking about the rising wedge pattern that was forming on the Dow Jones Industrial Average Index (DJI, INDU). Here's a link to the previous article (Market at a Crossroads: Wedge and the DJI). Read it before continuing this one.
I promised an update and it looks like the pattern is playing out by the textbook. We saw a few more days of consolidation within the support and resistance range of the wedge, and then it took a break to the downside.
We have yet to see if the overall trend will continue downward, but the analysis says it's a strong possibility. I'm inclined to think that the bear market will continue for a while before the bulls gain traction.
Ryan Teeples is a co-founder of LearningMarkets.com and ProfitingWithForex.com. His articles are regularly featured on online investing publications across the web.
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