Weekly:
- Ichimoku setup is bullish, but the most important note on weekl chart is the level of Kijun Sen (26 weeks average), which has climbed up to 2405.
Note that Market has not closed below its weekly Kijun Sen since March/2016.
This level is extremely important. If mkt breaks below, then we will see a much deeper fall towards 2300.
- Please note how well the wedge break prognosis worked after we realized a multi weeks negative divergence between the indicators and price.
- Heikin-Ashi is swing bearish, haDelta and haOscillator are below their mid lines and falling. I still believe around 2400 we could see some chill down in bearish momentum first. Maybe some hesitation, then ... who knows... I don't predict, I'll just follow what I will see.
- EWO is bullish with slowly decreasing value
- MACD crossed down -> consolidation
Daily:
- Price is in the Kumo, but below Kijun and also below 100wma! This also means 2445-2455 zone is short term resistance above.
- As it is obvious from daily setup, 2405 is the most important level below.
- Heikin-Ashi is bearish, but looking at haOscillator, probably it would reach a value close to zero by the time price have touched 2405 key supp/res. This makes very likely we'd see a bounce from there or at least some consolidation. What will follow? No one knows. My best guess is some choppy trading in 2405-2055 first, then it may form a short term H&S and break down, or it can even resume bullish. From now I can only tell you to reduce swing bearish exposure around 2405 if you see short term momentum reversing.
- Please note that EWO switched to bearish -> until it stays red, sell spikes to Kijun Sen is the best risk/reward. If it turns back green and price crosses above Kijun, then forget shorts.
- MACD -> consolidation
That's all for now.
My bias is more bearish, but it matters when, what level and how big position we take.
p.s.: A real bear market would start below 2265, and armageddon only below Monthly Kijun Sen, which at this moment stands at 2148 (of course as time passes, it will come higher too.)
- Ichimoku setup is bullish, but the most important note on weekl chart is the level of Kijun Sen (26 weeks average), which has climbed up to 2405.
Note that Market has not closed below its weekly Kijun Sen since March/2016.
This level is extremely important. If mkt breaks below, then we will see a much deeper fall towards 2300.
- Please note how well the wedge break prognosis worked after we realized a multi weeks negative divergence between the indicators and price.
- Heikin-Ashi is swing bearish, haDelta and haOscillator are below their mid lines and falling. I still believe around 2400 we could see some chill down in bearish momentum first. Maybe some hesitation, then ... who knows... I don't predict, I'll just follow what I will see.
- EWO is bullish with slowly decreasing value
- MACD crossed down -> consolidation
Daily:
- Price is in the Kumo, but below Kijun and also below 100wma! This also means 2445-2455 zone is short term resistance above.
- As it is obvious from daily setup, 2405 is the most important level below.
- Heikin-Ashi is bearish, but looking at haOscillator, probably it would reach a value close to zero by the time price have touched 2405 key supp/res. This makes very likely we'd see a bounce from there or at least some consolidation. What will follow? No one knows. My best guess is some choppy trading in 2405-2055 first, then it may form a short term H&S and break down, or it can even resume bullish. From now I can only tell you to reduce swing bearish exposure around 2405 if you see short term momentum reversing.
- Please note that EWO switched to bearish -> until it stays red, sell spikes to Kijun Sen is the best risk/reward. If it turns back green and price crosses above Kijun, then forget shorts.
- MACD -> consolidation
That's all for now.
My bias is more bearish, but it matters when, what level and how big position we take.
p.s.: A real bear market would start below 2265, and armageddon only below Monthly Kijun Sen, which at this moment stands at 2148 (of course as time passes, it will come higher too.)
