Ichimoku shows that the PA is heading towards the not-so-thick cloud to break through and maybe reaching a bearish status. However it must go through several supporting layers as shown on the Renko chart. With usual Ichimoku checklist in mind, the lagging span must also break through the PA (thick candles at the current location), Tenkan and the Kijun.
If this fails, we may expect the PA to reverse towards the upper side of channel as seen in the Renko chart, hence opening the way for a long trade with a SL at the cloud level and a TP around 9.0 level. This would however require first to break the Kijun in an opposite direction to neutralize the two red candles of Friday, and also providing some free room for the lagging span.
If this fails, we may expect the PA to reverse towards the upper side of channel as seen in the Renko chart, hence opening the way for a long trade with a SL at the cloud level and a TP around 9.0 level. This would however require first to break the Kijun in an opposite direction to neutralize the two red candles of Friday, and also providing some free room for the lagging span.