Monday, August 21, 2017

Nifty (Asia India) - Ichimoku Weekly Study - Inside Week - Week 4 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 takes support at the 127% Fibonacci of the last major Hi Lo, and closes above the Tenkan Sen (Blue line - Center).
Last week's candle is inside the previous week's candle - inside week.

Index finds support around the 127% Fibonacci, Inside week.

Looking Forward into this Week:

Bulls seek to use the current support to make a Three inside up pattern, and stay above the Tenkan Sen (blue - centre).

Bears look to move the index below Fibonacci 127% and prevent a Three inside up.

Bulls manage a Higher Low and now want a 'Three inside up'.

Bears need to slip below the Tenkan Sen (blue line @9793) to stay in the game.