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 again closes below Monthly Resistance with a High Wave indicating indecision.
Monthly Resistance Line (Kijun Sen on Month Chart) was again the zone of resistance.
Chikou Span, stays above the Kumo (see extreme left).
Wrap:
Chikou Span above the Kumo, Index held back by the Monthly Resistance.
Looking Forward into this Week:
Bulls want to stay above the Kumo and take out the Monthly resistance (Center).
Bears want to see - the index below the Weekly resistance and the Chikou Span into the Kumo.
Higher Highs and Higher Lows is the way forward for Bulls - keeping above the Kumo.
Wrap:
Bears want the index below the Tenkan Sen (Weekly resistance) and Chikou Span inside the Kumo.
Bulls need life above the Monthly Resistance.
