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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 closed the week exactly at the Kijun Sen (red) earlier and took off to the Resistance Tenkan Sen (blue) last week.
Index inside the 61.8% and 50% Fibonacci retrace of the last major High & Low.
Chikou Span (white) deflects above the price line (see extreme left).
Wrap:
Chikou Span deflects off the Price line, Index stoic, bounces to the Tenkan Sen.
Looking Forward into this Week:
Bulls would want to get Index above the Tenkan Sen(blue) and prevent the Chikou Span from going below the Price line.
Bears want to see Index retest the bottom and to start with, aim for the Kumo (cloud).
With a Higher Low possible @ Kijun Sen, Bulls look to ensure a Higher High.
Wrap:
Stoic Bulls seek to use the Kijun Sen support to get back above the 61.8% Fibonacci retrace and make a Higher High.
Bears after defending the above resistance, want to see the Index close below the marked supports to reach the Kumo.
