Index stays above the Tenkan Sen (Blue) and Kijun Sen (red) and halts at channel resistance. Tenkan Sen (Blue) and Kijun Sen (red line) ready for a cross or deflection. Chikou Span, heads for the Price Line (left).
Wrap: Index above all the signals on the screen - Bulls manage a Higher High.
Looking Forward into this Week:
Deflecting (left) of the Chikou Span and Price Line gives advantage to the Bulls. Bears mow hope for a retest of the Kumo. Tenkan Sen (Blue) and Kijun Sen (red line) crossing - good for Bulls. Wrap: Bears seek to get the index below the Kijun Sen (red), want the Chikou Span to point towards the Price line. Bulls after making a Higher High, sek the next Fibonacci level.
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. Wrap: 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. Wrap: 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.
