Saturday, June 17, 2017

Brent Crude Oil - Ichimoku Weekly Study - Kumo Life 2 - Week 3 of June 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)

Bears keep index in the Kumo - Bulls stop the fall near last week's lows.
Bulls keep the Large wave 'Higher Low', Bears continue the Short wave 'Lower High : Lower Lows'.
Chikou Span (white) runs below the Price Line (extreme left).

Index enters the Kumo after the Bearish, 'Chikou Span' and 'Kijun Sen - Tenkan Sen' crosses.

Looking Forward into this Week:

Chikou Span is far from the Price Line - needs a steep climb to touch it (extreme left).
Bearish cross  of the Kijun Sen (red) & Tenkan Sen (blue) firms as their distance widens.
Senoku Span A&B 'stand off' gives hope to Bulls (extreme right).

Bulls look to hold current lows and the large wave 'Higher Low' to get the Index out of the Kumo.
Bears seek a Large Wave 'Lower Low' and life below the Kumo.