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Monday, July 6, 2015

BSE Sensex - Ichimoku Study - Chikou Span re-action - Week 2 of July 2015.







Introduction / Primer to Ichimoku can be read at this link (click). 


Learning from the Earlier Study: (click here for the post)


Chikou Span clears the Price line but sill its too near the Index #W1.
Gap between the Senkou Span A & B  narrow and flat #W3.
Gap between the Tenkan Sen and the Kijun Sen flat #W2.


Wrap: 

Index stays above the Kumo #W2, Chikou Span hovers near the Price line #W1. 



Looking Forward into this Week:


Bear wish list for the week is to get the Chikou Span back below the Price line and the Price line inside the Kumo #W1&W2.
Narrowing gap between the Senkou Span A & B, makes a bullish deflection or bearish cross, imminent #W3.
Bull hope rests on staying above the rather thick Kumo (Study Links herehere or elsewhere) #W2.


Wrap:

Bulls wish to stay above the Kumo, keep the Chikou Span above the Price line and manage a deflection of the Senkou Span A & B  #W1. 
Bears look at the congestion around the Chikou span for an early reversal and for Index to slide back into the Kumo #W2.