US30 For a Higher View: Take a look at the Daily chart below. The drop from the Major Pivot High (that is also the Swing High level of 48,037), an S-Hook formed (outlined in red), which is a continuous bearish trend with curves made from consolidation.
The low of the last candle that is a tall Bullish Pinbar is at 46,472. If a J-Hook forms (outlined in green) from this low, which is a continuous bullish trend with consolidation(s) to create its curve, then we'll have an Inverse Head-and-Shoulder pattern.
US30 Looking at the 4-Hour timeframe, the Popgun pattern is still in play to make the 3 swings that move like a See-Saw.
Here again are the sequence of the swings after the pattern appeared: Down-Up-Down. The 2nd swing is still in the works.
After the bull run is over, we'll see a pivot for the bears to swing to the downside. It can appear like a long move on the lower timeframes.
*Side Note: The last candle is a bullish Trending Bar that shows great conviction, especially as a tall one with a tiny upper wick - almost a Maruboza in appearance. The likelihood for the bulls to continue their trajectory is great as a trending bar - towards the high of the Inside Day at 47,454 (shown as an orange line). Let's see if the bulls can make it to there. The Bearish Trendline is nearby to cross and flip the market bias from bearish to bullish if they do.
US30 On the Hourly, the bullish trend can continue towards the Bearish Trendline (in red dotted line), due to its proximity. The close price action is to a trendline, the more "attracted" it becomes to cross above it, flipping the market bias from from bearish to bullish.
*Take Profit Projections to the Upside: 47,149 - Creation of a New, Major Pivot High 47,289 - Measured Move, Based on a Previous Bull Run from November 6th 47,302 - Mean Reversion Level on the 8-Hour Timeframe 47,377 - Top of S&R Zone on the Daily
**A giant W-shaped pattern is forming on the Hourly with the last leg as a long, bullish trend.
US30 What's the Struggle All About? The bulls are having to deal with a two-tiered S&R Zone to break through. If they can't, then back down to the other S&R Zone, like a Ping Pong Game.
But if they break through this, the next goal is to rise above the S&R Zone to go up higher.
US30 On the Hourly, look at the Major Pivot Low (circled in green) of the very tall Doji. Its low is at 46,630. If the candle still forming closes above this level, then we're likely to see a pivot to the upside. But if there's a candle close past 46,630, then more moves to the downside.
US30 What's Below? A new S&R Zone formed, making it two-tiered on the hourly. A bearish candle is dropping from it and towards another S&R Zone below. Let's see if we get a game of Ping Pong between these two Zones.
As a reminder, there's still an Up swing coming, based on the Popgun pattern on the 4-Hour timeframe. After this bear run is over, we'll see a bull run. After that bull run is over, it will pivot for a last swing to the downside, like a See-Saw.
*Personally, I'm not totally convinced we'll get a deeper drop down more because the bulls already showed themselves in the fight earlier when that tall Doji formed. I see the bulls "waiting in the wings" to take the reigns.
US30 For a Higher View:
