Monday, October 23, 2017

Nifty (Asia India) - Ichimoku Weekly Study - Broadening Top - Start of 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 takes off above the Tenkan Sen (blue line), and reaches BT Channel Resistance. 

Bulls retain honors for a Higher High and Higher Low (by a whisker).
The Index returns from the Top Channel pf the Broadening Top (BT) with a red candle.


Wrap:
Index takes off above the Tenkan Sen and reaches the BT Channel Resistance Line
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Looking Forward into this Week:


Bulls want to keep up the momentum and  reach the 162% Fibonacci, after the higher high and higher low.

Bears need to make a Lower Low and break the Kijun Sen (red line).
The Broadening Top Pattern has different probabilities for Bulls and Bears.

Wrap: 
Bulls intend to keep above the Tenkan Sen and reach the 162% Fibonacci (10521).

Bears seek life below the Kijun Sen with help from the Resistance line.