US30 Heads Up! On the Hourly, a Double Inside Day showed up. That means that a BIG move is coming, either to the upside or the downside.
There's also a Double Inside Day on the 4-Hour chart, so we'll see an even BIGGER move, based on that.
*Side Note: On the Hourly, there have been two, breakout rejections by the lower wicks of the past two candles at the low of the Inside Day at 47,086 (shown as an orange line), so the bulls can attempt a breakout at the Inside Day's high of 47,306 (shown as an orange line). Let's see if the bulls can first cross through the S&R Zone that begins at 47,235.
US30 Last Call for This Session: On the 4-Hour timeframe, it's still in Bearish (directional) Market Bias from the candles moving below the Bearish Trendline (in green dotted line).
Here's some new developments: - The last three candles produced a Double Inside Day, so that means a BIG move is coming, either to the upside or the downside. And, it can show up on Sunday or Monday when the market opens again.
- The last two candles produced an Inside Day, which is a market pause with no true direction. A breakout needs to happen, either at the pattern's high of 47,356 or low of 46,836 (shown as two orange lines).
- Also, the tall bullish candle is a Major Pivot Low (with green arrow circled), so a Minor Pivot High or Major Pivot High needs to show up from a coming bullish move.
US30 Going back to the 4-Hour, the candle is closing as both a Piercing Pattern and in combination with the previous candle, a Bullish Outside Day pattern.
As a Bullish Outside Day, a Limit Line was placed at the candle's high of 47,356. If the bulls intend to really go up, then the next candle forming would breach that Limit Line to close above it and another bullish candle after that to "clear" above the Limit Line by not touching it with any of its candle parts. If one or both don't happen, then back down it goes.
US30 A drop down can potentially go towards 47,064 or around there. The Swing Low of 46,923 is nearby. And, the Hourly is still in Bearish (directional) Market Bias.
US30 Switching to the 4-Hour, this bullish rise is forming a Two Bar Reversal. That bodes well for bull riders because the probability is greater that another bullish candle forms after that. Let's see if the candle closes as a Two Bar Reversal in over 2 hours.
Also, a continued rise can be towards the current mean reversion price of 47,617 (near the Bearish Trendline in red dotted line).
*Side Note: This is the 3rd and last swing to go Up from the Popgun pattern that can be seen on the 4-Hour chart. A swing from timeframe looks BIG on the lower timeframes.
US30 Check out the Major Pivot Low (of green arrow circled) on the Hourly. That means that a pivot to the upside needs to happen to either create either a Minor Pivot High or Major Pivot High.
It eventually needs to go up to create one of those two.
US30 Heads Up!
