Brent Crude Oil - Ichimoku Weekly Study - High Wave - Week 4 of October 2017.

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Introduction / Primer to Ichimoku can be read at this link (click).

 


Learning from the Earlier Study: (click here for the previous post)

Index after an Engulfing pattern above support (Tenkan Sen - blue line), makes a 'Three Outside Up' pattern with a High Wave Candle.

Senkou Span A and B, diverge bullishly (right extreme). 

Chikou Span deflects off the Price line (left).

Tenkan Sen and Kijun Sen, diverge bullishly (center).

Wrap:   

Index makes an Three Outside Up pattern above support, Double Top in progress...

Looking Forward into this Week:

Mostl Signals favor Bulls, Bulls push for the Chikou Span deflection at the Price line, to continue.

Keeping above the 61.8% Fibonacci (Of this year's Hi and Lo) and reaching $62 is the Bull plan.
Throw back to the Kumo, is still possible with the High Wave candle and Double top: That's the Bear Hope.

Wrap: 

Bears hope for a 'Throwback', with help from the Double Top, High Wave Candle & resistance at the previous high.

Bulls seek to keep the advantage with the Three Outside Up. and support at the blue Tenkan Sen, for move towards $62.