The chart below looks at the Dow over the past 60-years, on a Monthly Closing basis. This chart updates the Mega Phone pattern the Dow seems to be forming over the past 20-years.
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Dow broke above megaphone resistance and tested it a couple of times on a monthly closing basis at (2).
Now the Dow is attempting to breakout above old monthly closing highs at (3).
Dow continues to send a Risk On message from this megaphone pattern as long as it remains above support at (2).