Saturday, October 21, 2017

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

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.

Bears hope for a 'Throwback', with help from the Double TopHigh 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.