Introduction / Primer to Ichimoku can be read at this link (click).
Learning from the Earlier Study: (click here for the previous post)
Index bounces neatly off the Tenkan Sen in a huge red week with Bears closing below recent lows #W2.
Chikou Span, within kissing distance of the Price line #W1.
Gap between the Senkou Span A & B, steady #W3.
Gap between the Tenkan Sen and Kijun Sen narrow and steady #W3.
Wrap:
Bulls manage to apply brakes and stop just above the Kijun Sen #W2.
Despite the Tenkan Sen - Kijun Sen cross, Bears fail to get the index below these lines #W2.
Looking Forward into this Week:
Bulls need to keep the Chikou Span deflecting off the Price line, to keep their advantage #W1.
Index closing above the Kijun Sen & Tenkan Sen, (both strong supports last week) is good for Bulls #W2.
Gap between the Senkou Span A & B is wide, making a thick Kumo - and a strong support to come #W3.
Tenkan Sen and the Kijun Sen still in a bearish cross (Its called a 'Weak Bearish cross because it occurred when the index was Bullish i,e above the Kumo) #W2.
Wrap:
Index staying above the Tenkan Sen #W2, and Chikou Span above the Price line #W1, gives the Bulls the medium term screen and chance of a bounce.
Unable to take advantage of the Bearish Cross of the Tenkan Sen & Kijun Sen #W2,, the next Bear hope is to at least get below these lines.
