And in this war there is a huge battle evey day between Bulls and Bears. Short term and intraday volatility has jumped massively, October VIX futures trading +60 points above November VIX futures contract (it has been extremely rare during last years)
Daily: yes, price action is scary and Price is below the Kumo. But there are still supports here. as many charts I see published recently, as many trendlines they try to draw. The thing is you can line up different trendlines, like I did for example. Actually even the red one is under attack now, but as Slow Stoch is a bot oversold, and may have a tiny positive divergence. Bulls may be able to win this battle here one more time. The big question is if they finally win or loose the war at some point? And here comes the power of Ichimoku again. On the daily chart to have a valid bearish Kumo breakout signal, Price will have to break below the previous horizontal Key support, also Chikou Span will have to cross below the Kumo. I think basically we will see a pull back first, then another selling wave down to key support and even one more bigger pullback to the Kumo later. But then the daily pattern will develop to really bearish. It will look similar to EURUSD break earlier this year, when it first retested 1,3750-1,3800, and only later started to collapse 1200 pips.
4 hrs: chances are simply better for bulls today. Long weekend is ahead of mkt players, that will cause some short covering on this oversold mkt. Both of last two candles are hammer, the second (actual) one is engulfing the previous one. Take off back to 1950-1955 key level is possible.
Daily: yes, price action is scary and Price is below the Kumo. But there are still supports here. as many charts I see published recently, as many trendlines they try to draw. The thing is you can line up different trendlines, like I did for example. Actually even the red one is under attack now, but as Slow Stoch is a bot oversold, and may have a tiny positive divergence. Bulls may be able to win this battle here one more time. The big question is if they finally win or loose the war at some point? And here comes the power of Ichimoku again. On the daily chart to have a valid bearish Kumo breakout signal, Price will have to break below the previous horizontal Key support, also Chikou Span will have to cross below the Kumo. I think basically we will see a pull back first, then another selling wave down to key support and even one more bigger pullback to the Kumo later. But then the daily pattern will develop to really bearish. It will look similar to EURUSD break earlier this year, when it first retested 1,3750-1,3800, and only later started to collapse 1200 pips.
4 hrs: chances are simply better for bulls today. Long weekend is ahead of mkt players, that will cause some short covering on this oversold mkt. Both of last two candles are hammer, the second (actual) one is engulfing the previous one. Take off back to 1950-1955 key level is possible.
