Monday, September 11, 2017

Nifty (Asia India) - Ichimoku Weekly Study - Hang Man (red) - Week 2 of September 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 makes a red candle, above the 127% Fibonacci (of the last major Hi Lo), and above the Tenkan Sen (Blue line - Center).

Last week's candle is once again a 'Hangman'.

Index stays above the Tenkan Sen and makes a Red Hangman Candle last week.

Looking Forward into this Week:

Bulls want to build  on current momentum to clear the last tall red candle, and thus make a higher high.

Bears look to move the index below Fibonacci 127% and make a Lower Low.

Bulls hold on to the Higher Low and now want a 'Higher High'.

Bears seek life below the Tenkan Sen.