Saturday, September 1, 2012

The Dow Jones - Ichimoku Study - Week: 27 August to 31 August, 2012 - New High Blues

                               .....Regulars can skip below and go straight to the chart......

Introduction / Preamble can be read at this link (click). 

Quick Reference : 
Chikou Span - pink line,
Kijun Sen - blue line, 
Senkou Span A - black line, 
Senkou Span B - grey line, 
Kumo - grey shaded area,
Tenkan Sen - red line.

Previous Signals seen on DJI 30 - Week Chart (EOW) as marked on chart below:

Kumo Breakout: Bullish Signal (B)
The Flat Kumo: Bearish Signal (Ko)
The Kijun sen cross:  Strong Bullish Signal (K)
Tenkan Sen Cross:  Strong Bullish Signal (Te)
The Tenkan Sen/Kijun Sen Cross:  Strong Bullish  Signal (T)

DJI 30: Medium Term View (or) Week Chart (or) EOW with the Ichimoku Cloud: 
DJI 30 - End of Week Chart - 31 August, 2012 

Learning from the Past Week: (click here for the post)
The strong resistance we saw in the previous high - foiled the Bulls last week too.
The Oscillator ticks down.
Chikou Span (A) heads closer, for a possible bearish cross of the Price line.
Support last week, was close to the Tenkan Sen (B).

Looking Forward into the next Week:
The negative divergence, developing on the Oscillator - remains the key concern, for the Bulls.
Avoiding a Bearish Chikou Span cross - is critical for Bulls going forward.
Staying above the Tenkan Sen (B) - Bulls would try for the last high again.
Bears would see current momentum, taking them to the MVWAP 34.
One watches the Chikou Span (A), for direction early next week.