S&P500 1H Ichimoku Analysis — Three scenarios to watch for
Following my analysis of the bullish 4H signal, it is important to look at lower timeframes to analyse the trend.
On the 1H chart, we can see price is currently consolidating. Flat Han-ne lines (Tenkan-Sen/yellow and Kijun-Sen/red) indicate the short and medium-term price isn't making new highs or lows. The same is true with the Kumo cloud. When our Ichimoku lines go flat, we can expect that the price might start retracing and testing support/resistance.
We have three scenarios:
A: Price continues higher
B: Pullback intensifies, we find support, price continues higher
C: Price can't find support, consolidates, then breaks lower
I would look for longs in A/B if we also get our Ichimoku lines angled up again. We have already seen the uptrend starting on the 4H chart, so this analysis of the 1H chart is to confirm our bias. If we get into situation C, then our short term bias is in conflict with our longer-term bias, so we don't trade. It's that easy!
The 4H chart for those interested:
On the 1H chart, we can see price is currently consolidating. Flat Han-ne lines (Tenkan-Sen/yellow and Kijun-Sen/red) indicate the short and medium-term price isn't making new highs or lows. The same is true with the Kumo cloud. When our Ichimoku lines go flat, we can expect that the price might start retracing and testing support/resistance.
We have three scenarios:
A: Price continues higher
B: Pullback intensifies, we find support, price continues higher
C: Price can't find support, consolidates, then breaks lower
I would look for longs in A/B if we also get our Ichimoku lines angled up again. We have already seen the uptrend starting on the 4H chart, so this analysis of the 1H chart is to confirm our bias. If we get into situation C, then our short term bias is in conflict with our longer-term bias, so we don't trade. It's that easy!
The 4H chart for those interested:
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