Hello all, today might be the first day in 3 months we have closed above the 50MA on the daily.
As you can see from the top charts, the 15m, 1hr, and 4hr have all crossed their 50MA's with their 200MA's (Orange and Purple lines). The Daily candle is piercing through the Ichimoku cloud right where it is thinnest, and we can see the R1 Monthly pivot being reached.
So where from here? Looking at the middle bottom chart. You can see a very, very thick red ichimoku cloud on the weekly chart. The good news is that the 200MA for the weekly (purple line) was strong support, and I highly doubt we will be piercing that after seeing it bounce off it twice.
The weekly 50MA is at 5500, and we have a few months of very thick red ichimoku cloud on the weekly. Look for us to test the weekly 50MA eventually, and once the cloud switches to green, then possibly the start of a new bull run.
Short term, we need to stay above the daily 50MA and eventually the 200MA, which is at 5500 as well. Good luck.
As you can see from the top charts, the 15m, 1hr, and 4hr have all crossed their 50MA's with their 200MA's (Orange and Purple lines). The Daily candle is piercing through the Ichimoku cloud right where it is thinnest, and we can see the R1 Monthly pivot being reached.
So where from here? Looking at the middle bottom chart. You can see a very, very thick red ichimoku cloud on the weekly chart. The good news is that the 200MA for the weekly (purple line) was strong support, and I highly doubt we will be piercing that after seeing it bounce off it twice.
The weekly 50MA is at 5500, and we have a few months of very thick red ichimoku cloud on the weekly. Look for us to test the weekly 50MA eventually, and once the cloud switches to green, then possibly the start of a new bull run.
Short term, we need to stay above the daily 50MA and eventually the 200MA, which is at 5500 as well. Good luck.