Introduction / Primer to Ichimoku can be read at this link (click).
Last Week the Index made a huge 'High Wave' candle, testing the border of the Island.
Chikou Span (White) stays, way above the Price line (extreme left).
Wrap:
Bulls defend the Tenkan Sen, Bears fail to make an 'Island Reversal'.
Looking Forward into this Week:
Bears still hope to stay 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 an Island Reversal (google it).
Bulls look to defend the Tenkan Sen 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' even the Bearish Harami tends towards a 'Three Inside Down' pattern.
Senkou Span A & B close but flat (extreme right).
Bears fail to break below the Green Candle's Low yet (see last three candles)
Wrap:
Bears get second Red Candle, Bulls hold recent lows.
Looking Forward into this Week:
Bears hope that the Senkou Span A & B will cross bearishly.
Chikou Span, preferably, needs to stay pointed away from the Price line, to keep the Bull move, going.
A completed 'Three Inside Down', is good for the Bears.
Wrap:
Bulls riding the Bullish 'Tenkan Sen- Kijun Sen Cross', want to stay above the Fibo 113% and aim for 127%.
Bears, hope to get the index below the Tenkan Sen (blue line) with a 'Three Inside Down'.
