US30 As posted earlier, there's the giant M-shaped pattern (drawn out) on the chart. Specifically, it's called a Short Formed M-pattern from the 2nd peak of the "M" being lower (or shorter) than the first peak.
Typical of a the 4th leg of an M-shaped pattern is the long bearish drop that happened earlier. Also typical is how this long leg is used around the Pivot Low of 44,367 (circled in green) to create a new W-shaped pattern.
The previous two candles tangled with the Bullish Trendline (in green dotted line), but rejected it with their lower wicks. We'll see if the bears will eventually cross below the trendline, flipping the market bias from bullish to bearish.
*Side Note: Watch for the 2nd leg of the W-pattern to form that creates the neckline; the 3rd leg to form its bottom point; and the 4th leg of the pattern as a long, bullish thrust.
DJI Can you imagine that little or no effect give him 3 noble prizes the 3rd is for putting up with all the BS and hate jsut for his country to be better while he works for free
US30 A retracement is coming when this bull run ends. On the Hourly that is in Bullish (directional) Market Bias, it can be a shallow one or a proper retracement through Mean Reversion after going to an extreme, back to the average at around 44,479.
Afterwards, back up again because we're still in Bullish Market Bias.
From a Pivot High, one of three M-shaped patterns forms.
US30 We've got an upper wick fill of the previous Bearish Pinbar (that is a tall Shooting Star), then back down again for a retracement, based on the Outside Day that foretold of this earlier.
A Shooting Star at the top of a rally is a signal that tells us the bullish trend is now Overbought.
The retrace can either be shallow or a proper one towards 44.454 through Mean Reversion. Afterwards, back up again because the Hourly is still in Bullish (directional) Market Bias.
US30 caught the buys so I’m done for the day. Will wait to see how this supply zone reacts and come back tomorrow. Get your bag and get out is my advice to some of you
US30 As posted earlier, there's the giant M-shaped pattern (drawn out) on the chart. Specifically, it's called a Short Formed M-pattern from the 2nd peak of the "M" being lower (or shorter) than the first peak.
