Introduction / Primer to Ichimoku can be read at this link (click).
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..
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 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.
