Bias is still more bearish. 44 is an important key level
Weekly:
- Ichimoku is still neutral. Price is just sitting on the 100wma and spot Kumo top.
This makes 44 - 44,50 extremely important, as in case mkt can not hold that support, next stop will be around 40.
- Heikin-Ashi is bearish biased
- MACD crossed down
- EWO is still bullish
I can still immagine a long term scenario, that mkt drops back into weekly Kumo and retests weekly Kijun Sen (red line - 26 weeks avg) in coming weeks. However as forward Kumo suggests really long ter bullish outcome, market would have a chance to build a major Invesre Head & Shoulders pattern, with right shoulder ard 39-41. I've had this idea for long time now, let's see if it plays out.
Daily:
- Ichimoku is neutral, but with an increasing bearish bias! Price, Tenkan, Kijun are all in Kumo. But Price is below all averages and Forward Kumo is bearish (Senkou A is below Senkou B).
If price breaks 44, Bears will take all control. Bulls don't really have much hope until price is below 48. 48 is top of Daily Kumo, and also the weekl Tenkan Sen.
So strategic levels are:
More bearish below 44-44,50 -> tgt 40
Neutral between 44,50 - 47,30
Bullish above 47,30-48
- Ichimoku is still neutral. Price is just sitting on the 100wma and spot Kumo top.
This makes 44 - 44,50 extremely important, as in case mkt can not hold that support, next stop will be around 40.
- Heikin-Ashi is bearish biased
- MACD crossed down
- EWO is still bullish
I can still immagine a long term scenario, that mkt drops back into weekly Kumo and retests weekly Kijun Sen (red line - 26 weeks avg) in coming weeks. However as forward Kumo suggests really long ter bullish outcome, market would have a chance to build a major Invesre Head & Shoulders pattern, with right shoulder ard 39-41. I've had this idea for long time now, let's see if it plays out.
Daily:
- Ichimoku is neutral, but with an increasing bearish bias! Price, Tenkan, Kijun are all in Kumo. But Price is below all averages and Forward Kumo is bearish (Senkou A is below Senkou B).
If price breaks 44, Bears will take all control. Bulls don't really have much hope until price is below 48. 48 is top of Daily Kumo, and also the weekl Tenkan Sen.
So strategic levels are:
More bearish below 44-44,50 -> tgt 40
Neutral between 44,50 - 47,30
Bullish above 47,30-48
