This chart combines with indicators: ADX and Ichimoku.
A bullish trend confirmed by ADX line turning after consolidation area between 7900 and 8300. We can found the evidences from below:
As DI+ & DI- lines cross-overed UP occurred on 14-Nov. These lines later separated in different direction, we then focus on ADX line to confirm any trending. The answer is YES.
Ichimoku's Chinkou span went upward and Senkou Span A (26 period) above Span B cloud (the blue thick line) also went upward. Trending UP is confirmed.
We can't see any resistance by these indicators. Therefore, we take a look on the Fibonacci Fan. Price actions struggled 38.2% from 02 Nov to 08 Nov, and then consolidated. We should somehow consider another retracement at the next Fibonacci ratio.
From the history of DI+ line: When it hit near 43, price actions tended to retrace. Therefore we should conservatively concern a correction is coming soon. (See the red arrow mark)
A bullish trend confirmed by ADX line turning after consolidation area between 7900 and 8300. We can found the evidences from below:
As DI+ & DI- lines cross-overed UP occurred on 14-Nov. These lines later separated in different direction, we then focus on ADX line to confirm any trending. The answer is YES.
Ichimoku's Chinkou span went upward and Senkou Span A (26 period) above Span B cloud (the blue thick line) also went upward. Trending UP is confirmed.
We can't see any resistance by these indicators. Therefore, we take a look on the Fibonacci Fan. Price actions struggled 38.2% from 02 Nov to 08 Nov, and then consolidated. We should somehow consider another retracement at the next Fibonacci ratio.
From the history of DI+ line: When it hit near 43, price actions tended to retrace. Therefore we should conservatively concern a correction is coming soon. (See the red arrow mark)
