Saturday, October 21, 2017

Brent Crude Oil - Ichimoku Weekly Study - High Wave - Week 4 of October 2017.






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)

Index after an Engulfing pattern above support (Tenkan Sen - blue line), makes a 'Three Outside Up' pattern with a High Wave Candle.
Senkou Span A and B, diverge bullishly (right extreme). 
Chikou Span deflects off the Price line (left).
Tenkan Sen and Kijun Sen, diverge bullishly (center).


Wrap:   
Index makes an Three Outside Up pattern above support, Double Top in progress...




Looking Forward into this Week:

Mostl Signals favor Bulls, Bulls push for the Chikou Span deflection at the Price line, to continue.
Keeping above the 61.8% Fibonacci (Of this year's Hi and Lo) and reaching $62 is the Bull plan.
Throw back to the Kumo, is still possible with the High Wave candle and Double top: That's the Bear Hope.


Wrap:
 
Bears hope for a 'Throwback', with help from the Double TopHigh Wave Candle & resistance at the previous high.
Bulls seek to keep the advantage with the Three Outside Up. and support at the blue Tenkan Sen, for move towards $62.