Kumo Cloud Break out alert. Watching downward PA slosely
Price failed to trigger a dialy Inverse Head & Shoulders pattern
(red neckline) last week and instead price reversed and closed
below the Kijou sen (white eq.line) inside the Kumo cloud.
Now IF price will close below the Kumo cloud in coming weeks
it will be a strong Break out signal with Chikou span below
price and projected kumo cloud also bearish. That could
easily take price down to the long term trendline and sma 200.
Since teh Kijou sen cross is inside the cloud its a normal strenth
signal and it could be traded itself, by looking for a sell signal
on daily tf or H4. Another indication that the 1,47 spike will
be the medium term high, is that 1,4580 level was the first
major target of the large ABCD (61,8 fib of whole ABCD pattern.
Thus downward trend is ready to resume from a pure technical
standpoint.
How price behaves at the lower kumo cloud, if price proceeds
lower, will give hints of medium term outlook.
(red neckline) last week and instead price reversed and closed
below the Kijou sen (white eq.line) inside the Kumo cloud.
Now IF price will close below the Kumo cloud in coming weeks
it will be a strong Break out signal with Chikou span below
price and projected kumo cloud also bearish. That could
easily take price down to the long term trendline and sma 200.
Since teh Kijou sen cross is inside the cloud its a normal strenth
signal and it could be traded itself, by looking for a sell signal
on daily tf or H4. Another indication that the 1,47 spike will
be the medium term high, is that 1,4580 level was the first
major target of the large ABCD (61,8 fib of whole ABCD pattern.
Thus downward trend is ready to resume from a pure technical
standpoint.
How price behaves at the lower kumo cloud, if price proceeds
lower, will give hints of medium term outlook.