US30 The Daily remains in Bearish Market Bias. A Gigantic move is still coming this week with the presence of the very tall Double Inside Day pattern.
We'll see if the explosive move will be to the downside. Here are some signs: - Bearish Market (directional) Bias; - The bullish and bearish trendlines (shown as red and green dotted lines) came together as a Pennant pattern to encourage moves to the downside; - Price action has been moving under a Falling Window (Gap Down) that still has not closed, so its strong forces of Resistance are still active; - And, continued consolidation within a very tall Inside Day pattern shows that a breakout from its high at 40,909 was rejected, so a true breakout can be towards the pattern's low at 38,400.
We'll see where the tight "coiling" from the Double Inside Day really springs out in a BIG way. Either to the downside or upside.
US30 The Hourly flipped from Bearish to Bullish (directional) Market Bias after crossing the Bullish Trendline (to the left side of the green dotted line). The bulls are in Overbought Territory, so a retrace to the downside is overdue.
If the bears step in for the retrace to the downside (to cross back to the right of the trendline), there may be a shallow one or a proper retrace towards 40,434 through Mean Reversion. But if the bulls keep rallying to breach the Swing High of 40,791, then more moves to the upside.
*Side Note: There's low volume behind the move of this bullish candle still forming, so the market makers are not participating.
US30 Don't Be Fooled! A Doji appeared (in yellow marker) within a bearish descent. That means that the bear run will continue until a bottom reversal pattern shows up. This is high-level trickery.
US30 The Daily remains in Bearish Market Bias. A Gigantic move is still coming this week with the presence of the very tall Double Inside Day pattern.
