Saturday, August 25, 2012

The Dow Jones - Ichimoku Study - Week: 20 August to 24 August, 2012 - New Highs !?

                               .....Regulars can skip below and go straight to the chart......

Introduction / Preamble can be read at this link (click). 

Quick Reference : 
Chikou Span - pink line,
Kijun Sen - blue line, 
Senkou Span A - black line, 
Senkou Span B - grey line, 
Kumo - grey shaded area,
Tenkan Sen - red line.

Previous Signals seen on DJI 30 - Week Chart (EOW) as marked on chart below:

Kumo Breakout: Bullish Signal (B)
The Flat Kumo: Bearish Signal (Ko)
The Kijun sen cross:  Strong Bullish Signal (K)
Tenkan Sen Cross:  Strong Bullish Signal (Te)
The Tenkan Sen/Kijun Sen Cross:  Strong Bullish  Signal (T)

DJI 30: Medium Term View (or) Week Chart (or) EOW with the Ichimoku Cloud: 
DJI 30 - End of Week Chart - 20 August, 2012 

Learning from the Past Week: (click here for the post)
Unlucky at the seventh weekly candle - Bulls see red after 6 green candles in a row.
The Bears hold the Bulls away from beating the previous high - which we continue to see as a strong resistance.
The Oscillator continues to tick up.
Chikou Span (pink line) heads for a possible bearish cross of the Price line.

Looking Forward into the next Week:
The negative divergence, developing on the Oscillator - remains a concern, for the Bulls.
Keeping above the Tenkan Sen - Bulls, next look at, taking out the previous high - a strong resistance.
Avoiding a Bearish Chikou Span cross - is critical for Bulls going forward.