US30 On the Hourly, it is in Bearish (directional) Market Bias from price action being to the right of the Bullish Trendline (in green dotted line). That may be temporary if the bulls rise from the new S&R Zone to breach the Swing High of 48,418 with a candle close past that price. That would flip the market bias from bearish to bullish.
There are other important considerations: - During the New York session earlier, a tall Bullish Flag (or Pennant) formed. The flagpole portion is 393 ticks tall. As a measured move, extended from the lower end of the flag, the take profit is projected to be at 48,611.
- A Popgun pattern showed up within the new S&R Zone. That means there would be 3 swing to come, moving like a See-Saw. Here is the sequence of the swings: Up-Down-Up. The Up move has already begun. - Price action is moving within a very tall Inside Day pattern. Breakout from this would either be from the pattern's high of 48,418 or low of 48,020 (shown as orange lines).
US30 Hey, check this out! We just broke above that recent high and looks like we're consolidating. That little shaded area is the retest zone. If we hold that, the next target is looking like 49,200. Fingers crossed for the push!
US30 Geez, Louise! The Dow just had to take its time to eat dinner, then binge one more episode of a Netflix show before the bulls decided to go back up towards the high of the Inside Day at 48,418. I just needed to know if the bulls would make a fake or true breakout there - shown as an orange line.
Let's see if the bulls can reach 48,418.
*Side Note: Highlighted in yellow are two candles to show weakness in the bearish pullback. The potential is greater that the market can go back up again with a weak pullback.
Also, notice how four candles had trouble going below the midline of the tall bullish candle at 48,221. It's a strong Support Zone from the candle's midline to low.
US30 On the Hourly, it is in Bearish (directional) Market Bias from price action being to the right of the Bullish Trendline (in green dotted line). That may be temporary if the bulls rise from the new S&R Zone to breach the Swing High of 48,418 with a candle close past that price. That would flip the market bias from bearish to bullish.
