Last Week the Index made a High Wave candle, just at 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 (High Wave).
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 defend the Island Gap and trend along..
Bulls stay well above the 'Tenkan Sen' and the Fibonacci 113% of the last major Range. Senkou Span A & B start to converge (see KUMO/cloud extreme right). The candle produced last week was a Marubozu. Wrap: Bulls make another 'All Time High', and a 'Bullish Marubozu' (google it).
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. Marubozu is good for the Bulls. Wrap: Bulls riding the Bullish 'Tenkan Sen- Kijun Sen Cross', want to stay above the Fibo 113% and aim for 10500+. Bears, hope to get the index below the Tenkan Sen (blue line) and aim for sub 5050 levels.
