Dow Megaphone breakout continues, hits all-time monthly highs

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.

(Click on image to enlarge)

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).