Monday, October 30, 2017

Nifty (Asia India) - Ichimoku Weekly Study - Fibonacci 161.8 - Start of Week 1 of November 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 clears the BT Channel Resistance (see last week's post) and heads for the target 10500+. 

Bulls retain honors for a Higher High and Higher Low.
Ichimoku Signals all move up in concert.

Index takes off above the Tenkan Sen and is near target the Fibonacci 162% (of last major Hi Lo) marked above

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 (see last week's post) had different probabilities for Bulls and Bears - it favored the Bulls - Bears expect a throw back.

Bulls intend to keep above the Tenkan Sen and reach the 162% Fibonacci (10500+).

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