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.
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