Introduction / Primer to Ichimoku can be read at this link (click).
Index makes a Doji candle below the marked Fibonacci 113% (of the Last major 'High Low') and on the August 2015 High as marked.
Chikou Span (White) stays, way above the Price line (extreme left).
Wrap:
Bulls defend the August 2015 High with the weekly action showing Indecision (Doji).
Looking Forward into this Week:
Bears hope to get below the Tenkan Sen and close the Island Gap in the candles.
Bulls seek to maintain the current Higher High - Higher Low.
Senkou Span A&B way apart - favors Bulls.
Wrap:
Hopeful Bears want a Double Top and life below the August 2015 High (Center).
Bulls look to trend along, all the way to the 162% Fibonacci retrace..
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)
Bulls bounce off the 'Tenkan Sen' to clear the Fibonacci 113% of the last major Range.
Senkou Span A & B start to converge (see extreme right).
The Tenkan Sen (blue) was again Support, from which, the Index launched itself, to this new high.
Wrap:
Bulls make another 'All Time High', clearing the Fibo 113%.
Looking Forward into this Week:
Bears hope that the Senkou Span A & B convergence, can result in some downside.
Chikou Span, preferably, needs to stay pointed away from the Price line, to keep the Bull move, going.
Wrap:
Bulls riding the Bullish 'Tenkan Sen- Kijun Sen Cross', want to stay above the Fibo 113% and aim for 9600+.
Bears, hope to get the index below the Tenkan Sen (blue line) and aim for sub 7070 levels.
