Saturday, August 5, 2017

Brent Crude Oil - Ichimoku Weekly Study - Kumo Block - Week 2 of August 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)

Senkou Span A and B, stay crossed Bearishly (right extreme). Index makes a High Wave,
Index blocked by the Kumo Top and the 61.8% Fibonacci as marked above (centre).
Chikou Span nears the resistance at the Price line (left) - deflects at Blue line.

Index blocked at the CRITICAL 61.8% Fibo. (centre). Senkou Span A & B in a bearish cross (right)

Looking Forward into this Week:

Chikou Span above the Price line is now the bull ask (left).
Clearing the 61.8% and heading to the 127% is the next Bull need.
Senkou Span A&B, Bearish 'cross', with Resistance at 61.8% and a High wave candle (indecision) helps Bears.

Bulls look to hold the large wave 'Higher Low' and  make a Smaller wave 'Higher High'.
Bears seek a fall to the Kumo bottom, after the Bearish Senkou Span A and B cross (right) with resistance at 61.8% ($53) holding last week.