Monday, October 9, 2017

Nifty (Asia India) - Ichimoku Weekly Study - Above the Blues - Start of Week 2 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 closes above the Tenkan Sen (blue line), after taking off from support at the Kijun Sen (Red line - Center). 

Bulls retain honors for a Higher High and Higher Low (by a whisker).
Three Outside Down Pattern is in place.

Index slips above the Tenkan Sen but 
Three Outside Down Pattern  is  active.

Looking Forward into this Week:

Bulls want to restart 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).

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

Bears seek life below the Kijun Sen (9626) with help from the Three Outside Down Pattern,