Monday, August 14, 2017

Nifty (Asia India) - Ichimoku Weekly Study - Below the Blue - Week 3 of August 2017.

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 after the High Wave (indecision) at the 141% Fibonacci of the last major Hi Lo, dives below the Tenkan Sen (Blue line- Center).
Bulls close near support at the 127% Fibonacci and above the Kijun Sen (Red - centre).

Bulls find support around the 127% Fibonacci, Bears break index below the Tenkan Sen, after a 30 week run, above it.

Looking Forward into this Week:

Bulls seek to use the current support to get back above the Tenkan Sen (blue - centre).

Bears look to continue withe the momentum, pushing for a move of the index below Fibo 127%.

Bulls slipping below the 'Tenkan Sen', after a 30 week, run above it,  seek to return to trend, by making this a Higher Low.

Bears need to continue weekly below the Tenkan Sen (blue line @9797) to stay in the game.