The magical question everyone is asking is are we bullish or bearish. Below is the daily Ichimoku chart for the INDU. The chart shows that price is within the Kumo cloud. As a result, we are consolidating i.e. neither bullish or bearish. With the Kijun Sen below the Kumo cloud, there is more a bearish “tilt” then a bullish “tilt”. Also, all the indicators still have to go through the Kumo cloud which will cause more consolidation. There is a high probability according to the indicators that we my move down instead of up.
Below is the 60 minute chart. Price is within the Kumo cloud for the 60 minute too. Therefore, we will watch the 60 minute closely to see if it gives us an early signal of a bullish or bearish trade. Since 3.17, price has not broken below the Kumo Cloud. Therefore, in order for the sentiment to be bearish, we need to see price CLOSE below the Kumo cloud for a little while.
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