DOW JONES: Channel Up transitioning to a H&S?

Dow Jones is still trading inside a Channel Up but the recent pullback has made the 4H technicals almost oversold (RSI = 32.864, MACD = -84.940, ADX = 57.885). The RSI on such levels is a technical buy but the Channel Up has more room to fall before bottoming around the 1D MA50 and 4H MA200. We are looking for a buy at 33,100 but if 4H closes under the 4H MA200 we will short to S1 and then buy. In either case the target will be the top of the R1 Zone (TP = 34,600).


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