Another weekly hammer candle in conjunction with Bollinger Band and Keltner channel setup - This pattern repeats itself from time to time and produces amazing moves...
To whom the bell tolls? BIG BREAKOUT has been announced by Chikou-span freedom for bulls...Last three candles confirm strength of Tenkan-sen...As Japanese say " Lean your ladder to sky against the firm ground.."
Weekly chart long term resistance cloud so far protects bulls....No sign of cloud penetration, weak bearish cross of Tenkan - sen and Kijun - sen on bull's territory , no kumo cloud twist yet...Curious to see retest of Kijun-sen by bulls...then...
Failure to retest top at ~61$ will show signs of weakness of trend...otherwise still remain bullish
I sustain my Long prediction. Using Japanese candles without ICHIMOKU KINKO HYO is like riding Suzuki or Yamaha on back wheel only...You can do it but what for ?
Trend reversal pattern:
1. 22nd April 2013 - Tenkan-sen above Kijun-sen and Chikou-span (white price lagging indicator) crossed above bar of 15th October 2012 - first attack on Kumo bearish cloud...
The market is very volatile to enter short position - it is too far from Kijun-sen yet....
13th May 2014...Price is heading towards Kijun-sen, recommend waiting till it comes as close as possible...
