US30 A Clearing Need to Happen: So far on the Hourly is in Neutral (directional) Market Bias from the current candle being tethered to the Bearish Trendline (in red dotted line). Once a bullish candle "clears" to go past the trendline without touching it, then the market bias flips from neutral to bullish.
A new S&R Zone just formed from consolidation.
Also, the last two candles formed a Bullish Outside Day pattern. If the bulls intend to rise more, a bullish candle in the new hour would have to breach the "limit" line of the pattern at 48,357 with a candle close past that price, then another bullish candle to "clear" past it without touching the line at all. That shows true intent by the bulls to keep climbing. If one or both don't happen, then back down again.
*Side Note: This bullish candle still forming is also an Anchor Bar (highlighted in yellow) as a climatic move from high volume. You may see consolidation within it's high or low until a breakout from either end.
US30 Commuting to the 4-Hour chart, it's in Neutral (directional) Market Bias from the current candle being tethered to the Bullish Trendline (in green dotted line). This is the point of decision to go either way: stay below the trendline to be in Bearish Market Bias OR stay above the trendline to be in Bullish Market Bias.
What's interesting is the new S&R Zone that formed earlier has been used as support.
If the bulls dominate, they can head for a breakout at the Inside Day's high of 48,380 (shown as an orange line) and raise more towards the other S&R Zone that begins at 48,787. We'll see if they can even reach that high.
Also, the Popgun pattern is still in play to make 3 swings that are wide consolidation moves like a See-Saw. The sequence of swings again is Down-Up-Down. After the bull run is completely over, we'll see a pivot for a last swing to go Down by the bears.
US30 Wave Alert: On the Hourly, we have a Double Inside Day, so a BIG move is coming within this session.
Earlier, the bulls rose above the new S&R Zone and nearing the Bearish Trendline (in red dotted line). By going up more, they can cross the trendline to flip the market bias from bearish to bullish. But if they don't, then back down again towards the S&R Zone that begins at 48,082.
*Side Note: There's a tall Anchor Bar that's the bearish one, highlighted in yellow. It appeared on high volume and is a climatic move. Price action can consolidate within its high of 48,200 to low of 47,953 until a breakout from one of its ends. I'm pointing this out because once an Anchor Bar shows up on the chart, consolidation follows.
US30 A Clearing Need to Happen:
