We either bounce off the cloud here or penetrate into bear territory. The intersection of the red and blue line indicate a strong or weak market trend. In this case, we've already turned weak and are trying to cross upwards back into a rise. Penetration into the cloud could indicate a sharp decline in price to come soon. A healthy bounce off of the edge of the cloud could indicate a new step up in price. BBands are also slightly squeezing at this point.
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Next important factor is whether 12600 holds. For the short-term bull a huge pennant/flag in the works so that would consist of a bounce off of bottom of cloud, up to around top of cloud over the next week. End of the pennant would be a good place for a big market move (much bigger than our Korea scare last night)
The chart history shows a lot of fakeouts when breaking the bottom of the cloud before a rise (March 25, July 16 for example). I'd be skeptical of shorting a big breakdown without solid confirmation.
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Looking like more of a bearish wedge than a pennant now.
Should it not bounce from the red line? The bearish cloud should not be red? trying to understand ichimoku...
Thanks
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@Cryptomerchant, Bottom red line of cloud usually acts as support when falls through the cloud happen. The same goes in the opposite direction when trying to break through the top of the cloud. Not always a sure shot, but this one was pretty in line with previous dumps.
@neofutur, Yeah we were close when I posted. Figured we still had 2 hours on the daily here so it could try and save itself, but we had a pretty black and white decision around midnight :D
Thanks