This chart is a daily time frame, which is why i want to quickly point out that on the weekly chart the kijun is crossed over on top of the tenkan. Meaning that on the weekly chart it has given a weak cross over to the down side
( conformation for this is if price closes below the cloud on the weekly)
I want to mention that because on the daily chart there is a conformed kumo break, a pull back to the 50% fib is lined up with the tenkan. If price can get a bounce off of the kumo on today's price level ( or wait until tomorrows kumo price if it hasnt) and price can reach its extension which will put it past the high of 1212.50 that was printed on 3/4/14.
If price can reach or start to print higher highs and gain some momentum, i suspect that on the weekly chart that the ichimoku cloud will proceed with a strong tk cross.
remember this is a daily chart that has the fib.
( conformation for this is if price closes below the cloud on the weekly)
I want to mention that because on the daily chart there is a conformed kumo break, a pull back to the 50% fib is lined up with the tenkan. If price can get a bounce off of the kumo on today's price level ( or wait until tomorrows kumo price if it hasnt) and price can reach its extension which will put it past the high of 1212.50 that was printed on 3/4/14.
If price can reach or start to print higher highs and gain some momentum, i suspect that on the weekly chart that the ichimoku cloud will proceed with a strong tk cross.
remember this is a daily chart that has the fib.