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Important highs and lows have taken place along line (1) since the late 1930’s. Last year the Dow hit this line and backed off the following few months and then in late March of this year the Dow hit this line again and has been soft since.
Now rising support is coming into place at line (3). The choppy action over the last few months could well have to do with lines (2) and (3) coming into play!