Dow Jones has been consolidating for the last 5 weeks. Hence, we can expect a new big directional move starting next week. Which way will it go?

Dow Jones, 1d

Dow Jones has been consolidating for the last 5 weeks. Hence, we can expect a new big directional move starting next week. Which way will it go? Depending on your bias, you can see Dow Jones forming either a Rounding Top or a Bull Flag.

I prefer to react. pic.twitter.com/wXXwAJcttV

— Yuriy Matso (@yuriymatso) May 15, 2020

U.S. stocks vs. The World pic.twitter.com/uJu62UYm9z

— Win Smart, CFA (@WinfieldSmart) May 15, 2020

https://twitter.com/LordPolemos/status/1261361215458045952

Nasdaq to S&P pic.twitter.com/ozDbU3cRNk

— Win Smart, CFA (@WinfieldSmart) May 13, 2020

https://twitter.com/NorthmanTrader/status/1261438871344230404

"Long-struggling JC Penney files for bankruptcy as coronavirus crushes hopes for a quick turnaround" – CNBC $JCP

Yep, Penney's was so close to a turnaround. Then Covid-19 did them in. pic.twitter.com/Gmi2ngNK66

— Rudy Havenstein, Senior Markets Commentator. (@RudyHavenstein) May 15, 2020

He cut the shares in q1 which means he sold at latest by March 31st not May 15th https://t.co/xYrwPYMN4O

— ValueWalk – Exclusive Hedge Fund Info (@valuewalk) May 15, 2020

https://twitter.com/Fxhedgers/status/1261396518726021120

FED SAYS CLO DOWNGRADES COULD FORCE MARGIN CALLS, FORCED SALES AMONG SOME LEVERAGED INVESTORS

— FxMacro (@fxmacro) May 15, 2020

Warren Buffett slashed holding in Goldman Sachs by 84%. Trimmed JPM slightly. Completely exited Travelers and Phillips 66. Increased PNC Bank holding by 6%.