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..
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.
