US30 Going to the 4-Hour, it is in Bearish (directional) Market Bias. After the long descent, a Bullish Spinning Top formed, which is a three-candle reversal pattern.
A bullish retrace is coming, confirmed by the Bullish Spinning Top and Bullish Pressure Zone (created by the three lower wicks in succession).
The bulls can rise up to retrace in a shallow way or properly through mean reversion towards 44,177, then back down again because the 4-Hour is still in Bearish Market Bias.
*Side Note: Take a look at the last candle that formed. It shows an orange dotted line at its high of 43,641. If a bullish candle closes past that line, then another bullish candle "clears" past it (to no longer touch the dotted line), then the intended move is to go up higher. But if this doesn't happen, then the market will drop again.
US30 For Swing & Positional Traders: Price action on the Weekly that is in Bearish (directional) Market Bias is within an Inside Day pattern. The tall bearish candle is attempting a breakout at the pattern's low of 43,876. As a trending bar (that has a real body that creates the open and close prices that are more than 50% of the whole length of the candle), it shows conviction for a move to the downside, compared with a non-trending bar.
That tall bearish candle also closed past the Minor Pivot Low (circled with an arrow) of 43,748 that is a weak Support Area to breach it.
A continued descent can be towards 42,960 (through mean reversion). If the bears drop even further, it can be to 40,197.
*Side Note: Take a look to the left of the chart at the tall bullish candle that formed on June 23rd. With a tall bullish candle, its midline (of 42,890) to low (of 41,838) is a strong Support Zone. It has kept the candles moving above its midline for weeks. The bears would have to deal with these strong forces of Support to break the candle's low of 41,838. If they can't, then back up again.
Also, the Outside Day that formed earlier suggests that after this bear run is over, we'll see an immediate retrace.
US30 i dont know why you bought today, it was pretty clear that 43200 will be touched, i fact i hoped for 43000 to come to place a buy position, 44000 was a good point to sell also 43700, today it was selling day like yesterday,, please please wait a bit and focus at 43000 to buy
US30 *Last Call for This Session: On the Hourly chart, an Outside Day pattern showed up. That means that after this bull run is over, you'll see an immediate retrace to the downside.
Also, notice the blue arrows that indicate a wick has been filled. You can see that after a wick fill, the market can go in the opposite direction of the wick fill in a big way.
US30 If we're lucky, we'll get a simple W-shaped pattern right away on the Hourly. That would mean that the last and 4th leg would be a long bullish trend. Let's see if that can happen. (Drawn in Chart Below)
US30 Going to the 4-Hour, it is in Bearish (directional) Market Bias. After the long descent, a Bullish Spinning Top formed, which is a three-candle reversal pattern.
