Long Term Ichimoku Flat Cloud Support/Resistance Zones
Updated
The red and orange lines (with price call outs) represent support and resistance lines from flat kumo clouds (hidden).
Read more about this strategy here: ichimokustrategy.com/support-and-resistance-trading-using-the-kumo-or-ichimoku-cloud/
Looking at 12H/6H Ichi indicator - paired with RSI reaching overbought areas in 6H and less time frames I think we have seen the top, and this will be confirmed by an extended drop below the $1118 which was a previous major flat Kumo cloud resistance line that was very briefly passed.
If $118 does not hold there is weak support around $1076 area with strong support around $1004 and $949 areas.
An extended break below 900 would confirm we are in a major retest towards the strong support of mid ~850s
$844 is an interesting support level because Kumo flat cloud lines were drawn all the way back from late 2014 and intersected multiple times with 3 other flat clouds.
Read more about this strategy here: ichimokustrategy.com/support-and-resistance-trading-using-the-kumo-or-ichimoku-cloud/
Looking at 12H/6H Ichi indicator - paired with RSI reaching overbought areas in 6H and less time frames I think we have seen the top, and this will be confirmed by an extended drop below the $1118 which was a previous major flat Kumo cloud resistance line that was very briefly passed.
If $118 does not hold there is weak support around $1076 area with strong support around $1004 and $949 areas.
An extended break below 900 would confirm we are in a major retest towards the strong support of mid ~850s
$844 is an interesting support level because Kumo flat cloud lines were drawn all the way back from late 2014 and intersected multiple times with 3 other flat clouds.
Comment
Correction about $849 - the multiple kumo flat clouds intersect as far back as early 2014
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