- Ichimoku setup is bullish on all time frames.
However I have to note something and recommend to watch for both perma bears and perma bulls: long term Kijun Sen values.
If someone is still not familiar with Ichimoku, Kijun Sen is a 26 period average, so in this case I am talking about the 26 weeks average, which moved higher again to 2372, and the 26 Months average, which is also higher to 2142.
If you scan long term, weekly and monthly charts, you can see that any time price breaks Weekly Kijun, a deeper correction takes place, and the move is usually wild and agressive. What happens when market breaks the Monthly Kijun? Well, that is when we can talk about a severe and painful bear market, when everything that happened so far will only look like a petting.
Of course we are not there yet, but as the more than 8 years long bull market had such a strong momentum (especially lately), these long term averages are catching up quite quickly.
Please note also that weekly Kijun is now right below Daily Kumo cloud. In case that breaks, it would likely lead to a text book validation of a bearish Kumo breakout.
- Heikin-Ashi signals a possible local top. Doji candle, after haDelta+ and haOscillator has already signalled some negative divergence in bullish momentum.
- EWO and MACD are still bearish.
Conclusion: Don't get too bearish now... maybe just be a little less bullish.
What comes later, that we don't know.
However I have to note something and recommend to watch for both perma bears and perma bulls: long term Kijun Sen values.
If someone is still not familiar with Ichimoku, Kijun Sen is a 26 period average, so in this case I am talking about the 26 weeks average, which moved higher again to 2372, and the 26 Months average, which is also higher to 2142.
If you scan long term, weekly and monthly charts, you can see that any time price breaks Weekly Kijun, a deeper correction takes place, and the move is usually wild and agressive. What happens when market breaks the Monthly Kijun? Well, that is when we can talk about a severe and painful bear market, when everything that happened so far will only look like a petting.
Of course we are not there yet, but as the more than 8 years long bull market had such a strong momentum (especially lately), these long term averages are catching up quite quickly.
Please note also that weekly Kijun is now right below Daily Kumo cloud. In case that breaks, it would likely lead to a text book validation of a bearish Kumo breakout.
- Heikin-Ashi signals a possible local top. Doji candle, after haDelta+ and haOscillator has already signalled some negative divergence in bullish momentum.
- EWO and MACD are still bearish.
Conclusion: Don't get too bearish now... maybe just be a little less bullish.
What comes later, that we don't know.
