Saturday, May 20, 2017

Brent Crude Oil - Ichimoku Weekly Study - Fibo Stop - Week 4 of May 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 pauses at the 61.8% Fibonacci retrace of the last Major Hi-Lo.
Senoku Span A&B start a bullish deflection (extreme Right)
Chikou Span (white) stays above the price line (extreme left).

Index bounces from the Kumo & Kijun Sen (Monthly) to the Fibo 61.8%.

Looking Forward into this Week:

Chikou Span looks good to deflect off the Price Line.
Bearish cross/Bullish deflection of the.. 
a) Kijun Sen (red) & Tenkan Sen (blue), b) Senoku Span A&B, is on.
Index now on Lower High, Lower Low mode and where it goes from here becomes critical for Bulls.

Bulls after bouncing at the Kumo, look for a Higher High.
Bears seek to press their advantage and keep the 'Lower Low - Lower  High', going with a turn down, below the last high.