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Monday, March 6, 2017

CAC 40 (Europe Paris) - Ichimoku Weekly Study - Tenkan Sen Support works - Week 2 of March 2017.






Zoom into chart .. Click 


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



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

Index finally takes off from the Tenkan Sen support.

Index took off after ranging in the last few weeks between the 61.8% and 78.6% Fibonacci retrace, of the last major High and Low.
Chikou Span (White) climbs steeply (extreme left).

Wrap:
Index takes off towards the April 2015 High as marked.

 



Looking Forward into this Week:


Bears want to see the Chikou Span headed back towards the Kumo (extreme left).
Bulls get a range break and maintain Higher High - Higher Low
.
Bears now need to bring the index below the supports marked.

Wrap:


Index in breakout mode, proved its intent to take support and trend up.
Bears would now try to get index below the Tenkan Sen (Center).