The red line often acts as either support line in bullish or resistance line in bearish market. It is like a SMA but has much better results. The red line acts as a momentum indicator in that it will often show direction of the trend. It only shows the last nine periods so not as accurate. When the price breaches it you will often see the trend change. But to get reliable indications you need to look at the other Ichi lines.
The blue line is the one that has a much longer period of 26. It is more reliable and gives a better sense of momentum and strength.You can use it as a more reliable support/resistance level. When the line is in equilibrium (flat) and the prices go into disequilibrium (start moving away from it) often you will see them try to "snap" back towards equilibrium.
The pink line is essentially a time shifted price line by 26 periods based on closing price. It may not make sense why but this often gives a better perspective on the trend direction. If this line is currently below the price line that is bearish signal. Above it is bullish signal. You can often see clear support/resistance levels in this and drawing them will give you some good levels to work off of.
Hope that helps since currently the analysis should be bearish singals still persists, but red line is giving support for now. Red is also indicating a very flat period. Blue line is starting to cross across price range. If the price starts to fall but regain pink will still remain bearish and the cloud resistance will be unable to be breached. Fib is providing some prop up above 570 for now.