Introduction / Primer to Ichimoku can be read at this link (click).
Index holds Support at the Kijun Sen (weekly - red), after slipping below the Tenkan Sen (blue).
Senkou Span A & B converge.
Wrap:
Index produces a High Wave candle near the Weekly Support.
Looking Forward into this Week:
Bears next seek life below the Kijun Sen (red line).
Bulls want to resume the up trend from this critical support.
Senkou Span A&B converging - favours Bears.
Wrap:
Bears want to keep the index below the Tenkan Sen and next break the Red Line.
Bulls look to trend up, clearing the resistance (blue line).
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 above the 'Tenkan Sen' and manage a bounce to the All Time High (ATH).
Bears fail to break below the 113% Fibonacci of the last major Hi Lo.
Bulls fail to take out the 127% Fibonacci of the last major Hi Lo.
Wrap:
Bears give up the gains of three Red Candles, Bulls stop at the ATH.
Looking Forward into this Week:
Chikou Span, preferably, needs to stay pointed away from the Price line, to keep the Bull move going.
Bulls hope to make new All Time Highs.
Bears pray for a Double Top.
Wrap:
Bulls riding above the 'Tenkan Sen', for the last 25 weeks, want to take out the All Time High (ATH).
Bears, hope to send the index below the Tenkan Sen (blue line) after triggering a 'Double Top'.
