Weekly Overview:
By taking a quick look at Ichimoku Kinko weekly chart, We can notice a
Bearish outlook for the coming weeks. The cloud Kumo (Senkou span A 26
days is getting closer to span B 52 days) which indicate a weakness in
overall momentum. Also Tenkan 9 days (Blue) has already crossed Kijun
26 days (Red) in August 13 2011 followed by a sharp drop in trend till
it hits span B and bounced a Zigzag correction inside the Kumo (Cloud).
I will turn my strategy to a bearish once trend breaks the cloud
downward which is expected in the coming week or two.
Hourly Chart:
We see a larger zigzag wave A (Red) inside Andrew's fork and just broke
going to wave B expected to end at 0.5 fib level near 1.35340 price
point. Another motive wave C as shown in Chart expected to unfold
targeting 1.4100.
