Monday, March 6, 2017

CAC 40 (Europe Paris) - Ichimoku Weekly Study - Tenkan Sen Support works - Week 2 of March 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 finally takes off from the Tenkan Sen support.

Index took off after ranging in the last few weeks between the 61.8% and 78.6% Fibonacci retrace, of the last major High and Low.
Chikou Span (White) climbs steeply (extreme left).

Index takes off towards the April 2015 High as marked.


Looking Forward into this Week:

Bears want to see the Chikou Span headed back towards the Kumo (extreme left).
Bulls get a range break and maintain Higher High - Higher Low
Bears now need to bring the index below the supports marked.


Index in breakout mode, proved its intent to take support and trend up.
Bears would now try to get index below the Tenkan Sen (Center).