First, the ichimoku is indicting a possible long term trend to the upside.
There is a future bull kumo cloud. A medium strength of a tk cross over.
Price did climb into the cloud.
2 key pieces of information that the chart has shown is that price did close above the cloud on the 2nd of June. With that being said price has not been above the cloud since 2008 ( think of this as price hitting and closing a 200 ema for the first time in 6 years). However price did close and go back into the cloud since then.
The momentum indicator is showing a box, and within that box the momentum is oscillating. This is bad if your a trend trader. In order for the market to break out to the upside, the momentum needs to break to the upside or out of the yellow dash line. that i drew in the momentum indicator.
(due not if you bring up the weekly chart with the ichimoku, price is at the kumo, there is a possible kumo bounce).
There is a future bull kumo cloud. A medium strength of a tk cross over.
Price did climb into the cloud.
2 key pieces of information that the chart has shown is that price did close above the cloud on the 2nd of June. With that being said price has not been above the cloud since 2008 ( think of this as price hitting and closing a 200 ema for the first time in 6 years). However price did close and go back into the cloud since then.
The momentum indicator is showing a box, and within that box the momentum is oscillating. This is bad if your a trend trader. In order for the market to break out to the upside, the momentum needs to break to the upside or out of the yellow dash line. that i drew in the momentum indicator.
(due not if you bring up the weekly chart with the ichimoku, price is at the kumo, there is a possible kumo bounce).