(LONG in progress) week4 Nikkei w1 hammer at support confluence

w1

A potential w1 bullflag is spotted. Price is currently at a strong support confluence with several supports coming in together. A week Hammer was printed last week, and hence this week will be to look for retracement to get long.

week4 nikkei w1 bullflag support confluence 270116

h4

More clues are revealed at h4. Although week to week is still currently a downtrend, price has printed an inverted head and shoulders. There was an observation that the shoulders reacted clearly towards the support trendline.

The head thus becomes a beartrap. Should price breaks the neckline, a new uptrend heralds.

week4 Nikkei h4 ihs 270116

updated 300116

Price moved up, completing the inverted head and shoulders and ready for the next up phase.

 

 

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