Saturday, May 27, 2017

Brent Crude Oil - Ichimoku Weekly Study -LHLL - Week 5 of May 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)

Bears defend the 61.8% Fibonacci retrace of the last Major Hi-Lo.
Short waves show LHLL - Lower Highs and Lower Lows, Large wave shows a Higher Low at the Kumo.
Chikou Span (white) stays above the price line (extreme left).

Index returns at the critical Fibo 61.8%.

Looking Forward into this Week:

Chikou Span could run below the Price Line - unless Price spikes (extreme left).
Bearish cross  of the Kijun Sen (red) & Tenkan Sen (blue) good for Bears.
Senoku Span A&B 'stand off' gives hope to Bulls (extreme right).

Bulls after bouncing off the Kumo, look for a Higher High.
Bears seek life inside the Kumo.