Monday, October 23, 2017

Nifty (Asia India) - Ichimoku Weekly Study - Broadening Top - Start of Week 4 of October 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 takes off above the Tenkan Sen (blue line), and reaches BT Channel Resistance. 

Bulls retain honors for a Higher High and Higher Low (by a whisker).
The Index returns from the Top Channel pf the Broadening Top (BT) with a red candle.

Index takes off above the Tenkan Sen and reaches the BT Channel Resistance Line

Looking Forward into this Week:

Bulls want to keep up the momentum and  reach the 162% Fibonacci, after the higher high and higher low.

Bears need to make a Lower Low and break the Kijun Sen (red line).
The Broadening Top Pattern has different probabilities for Bulls and Bears.

Bulls intend to keep above the Tenkan Sen and reach the 162% Fibonacci (10521).

Bears seek life below the Kijun Sen with help from the Resistance line.