Monday, August 7, 2017

Nifty (Asia India) - Ichimoku Weekly Study - Above Support - 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) 

Bulls attempt to take the index to the next Level (162%) as marked. 
Index High Wave (indecision) at the 141% Fibonacci of the last major Hi Lo.
Bulls keep it above the Weekly Support (Tenkan Sen - Blue) and make a new All Time High (ATH).

Bulls keep 10K. Bears force a High Wave candle last week.

Looking Forward into this Week:

Chikou Span (extreme left), preferably, needs to stay pointed away from the Price line, to keep the Bull move going.

Bears now want to follow up the 'High Wave; candle with a move of the index below Fibo 141%.

Bulls riding above the 'Tenkan Sen', for the last 25+ weeks, want to reach the 162% Fibo. retrace of the last major Hi Lo (10500+).

Bears need life below the Tenkan Sen (blue line) to stay in the game.