US30 Switching to the Daily, it is in Neutral (directional) Market Bias from the bears being within the Ascending Wedge pattern formed by the two trendlines (in red and green dotted lines).
A drop down past the Bullish Trendline (in green dotted line) would flip the market bias from neutral to bearish and towards the Swing Low of 46,472. A rise above the Bearish Trendline (in red dotted line) would flip the market bias from neutral to bullish to go up more.
US30 Doubles Everywhere! There's another Double Inside Day on the Hourly, including the 8-Hour and 4-Hour timeframes. So, a very BIG move is coming, either to the upside or the downside.
Looking closely at the 8-Hour chart, the bears are dropping down towards the level of a previous candle's Major Pivot Low of 46,836 (circled green arrow) that serves as a form of strong Support. If the bears breach that level with a candle close past that price, then more moves to the downside - towards the Swing Low of 46,462. But if the bears can't reach or breach that Major Pivot Low of 46,836, then back up again towards the S&R Zones.
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.