Learning from last Week: (click here for the previous post)
Patterns:
The Fork on the Day Chart holds the index at the bottom Tyne and shoots is upward to the top Tyne #D1.
Support & Resistance:
Bottom Tyne of the Fork #D1, was support, the index makes it to the top Tyne #D1.
Moving Averages:
The critical 5 EMA, is bullishly above the 13 MA, on all the above screens.
Indicators:
STS continues to be at the mid point #D2.
Wrap:
After the Bears paint the screen red, with help from the Evening Doji Star #W1, Bulls come back from support at the Fork's bottom Tyne #D1.
Looking forward into this Week:
Patterns:
'Bullish Engulfing Pattern' (Study Links here, here or elsewhere), is active on the Week Chart #W1. A close above 2103 this week, would make it a 'Three Outside up'.
Support & Resistance:
Weekly Channel Top (orange) is the resistance to beat #W1. The 222 MA is the nearest Support #D1.
Moving Averages:
The 55 & 222 MA, is a in a 'Golden Cross' on the Day Screen #D1.
Indicators:
TSI clears resistance at the 61.8% mark #M2.
Wrap:
Bulls, look to close the week above 2103 and then go on to an new ATH #W1.
Bears want to break below the fork #D1 and then would eye a lower low (below 1800).
Learning from last Week: (click here for the previous post)
Patterns:
Bulls follow up last weeks 'High Wave' candle (indicating confusion) with an Engulfing Green Candle #W1. Price clears 8252 and closes inside the Week Channel.
Support & Resistance:
Bottom Tyne of the Fork on the Day Chart #D1 was resistance. The Daily 50 SMA was support #D1.
Moving Averages:
The critical 5 EMA, is Bullishly above the 13 SMA, all the above screens.
Indicators:
The TRD #M2, is above the mid point (50% Fibonacci).
Wrap:
Bulls slip into the Week Channel with an Engulfing pattern #W1. Bears defend entry into the fork #D1.
Looking Forward into this Week:
Patterns:
After the Pullback to the Weekly Channel bottom (Study Links here, here or elsewhere), Bulls create the possibility of the 'Three Outside up' (Study Links here, here or elsewhere) on the Medium Term Screen #W1.
Support & Resistance:
Resistance is again at the bottom Tyne of the Fork #D1. Index has support around the monthly Pivot (8171) #M1.
Moving Averages:
A Golden Cross (50 and 200 SMA) is active on the day chart #D1.
Indicators:
The STS staying in the over sold, is power to the Bulls #W2.
Wrap :
Bulls, plan to close above 8328 for this week and make a 'Three outside up' on the Week chart #W1. Bears want to use the resistance at the Fork and get below the daily 50 SMA #D1.
Introduction / Primer to Ichimoku can be read at this link (click).
Learning from the Earlier Study: (click here for the previous post)
Index goes green as the Chikou Span breaks clear of the Kijun Sen #W1.
Index however stays in the Kumo, support was at the Tenkan Sen #W2.
Senoku Spans A and B cross Bullishly #W3.
Wrap:
Bulls get a Senoku Span Cross #W3, Chikou Span breaks up #W1, even as the price makes a green candle inside the 'Kumo' #W2.
Looking Forward into this Week:
Bulls now look forward to the Price breaking out of the Kumo #W2.
Keeping the the Chikou Span above the Kijun Sen, and the Senoku Span 'A' above the Senoku Span 'B' is the bull task from here #W3.
Bears hope to use the Kumo as resistance zone and get a move below it #W2.
Wrap:
Preventing a Kumo Breakout, is the Bear target #W2.
Taking advantage of the narrow Kumo, to make a Kumo Breakout is the Bull plan #W2.
Learning from last Week: (click here for the previous post)
Patterns:
Evening Doji Star formation, splashes more red on the Weekly Chart #W1.
Support & Resistance:
55 SMA on the Weekly chart #W1 was support, the index failed to reach the top of the weekly channel #W1.
Moving Averages:
The critical 5 EMA, is bearishly below the 13 SMA, on all the above screens.
Indicators:
STS continues to be at the mid point #D2.
Wrap:
After the Bulls make a Higher High #M1, Bears paint the screen red, with help from the Evening Doji Star #W1.
Looking forward into this Week:
Patterns:
'Evening Doji Star' (Study Links here, here or elsewhere), is active on the Week Chart #W1.
Support & Resistance:
Weekly Channel Top (orange) is the resistance to beat #W1. The lower tyne of the new fork is the first support #D1, fallback is MVWAP33 on the Month screen #M1.
Moving Averages:
The 55 & 222 SMA, is a in a 'Golden Cross' on the Day Screen #D1.
Indicators:
TSI is turning back from resistance at the 61.8% mark #M2.
Wrap:
Bulls, pray that the new fork holds (1994+ for Monday), and seek to close the week above the weekly 55 SMA #W1.
Bears look to break below the fork #D1 and then would love a lower low (below 1800).
