Nikkei 225 Chart of the Day Recap 5.5.2015 – 5.22.2015

Below is a recap of our call and forecast for Nikkei 225 from our Chart of The Day post from 5/5/2015 – 5/22/2015. You can click the underlined link to view the original post on that date.

Nikkei 225 Chart of The Day posted at 5/5/2015

In our Chart of The Day at 5/5/2015, we said Wave (Y) low is now in progress and ideally expected to test 19043 – 19192  area to complete wave ((X)) pullback. In this area, we expect to see buyers in the Index and a 3 wave reaction higher at least as per Elliott Wave hedging idea.

NI225-6020150505120927 May 5

 

Nikkei 225 Chart of The Day posted at 5/6/2015

In our Chart of The Day at 5/6/2015, we said Wave (Y) of ((X)) is still in progress and expected to end at 18805 – 19045 area. Although the Index has reached equal leg of (W) and (X) at 19194, further low towards 19045 (1.236 extension) to complete wave ((X)) can’t be ruled out. We expect to see buyers from 18805 – 19045 area for a 3 waves reaction higher at minimum as per Elliott Wave hedging idea.

NI225-6020150506215949 May 6

 

Nikkei 225 Chart of The Day posted at 5/7/2015

In our Chart of The Day at 5/7/2015, we said wave (Y) of ((X)) has completed at 19055, and the Index has bounced as anticipated. Index is expected to bounce at least 3 waves higher with an ideal target of 19675 – 19821. Readers of our Chart of the Day who took a long position from 19043 – 19192 per our 5/5/2015 Chart of The Day should have a risk free trade already.

NI225-6020150507185121-May-7-blog

 

Nikkei 225 Chart of The Day posted at 5/20/2015

In our Chart of The Day at 5/20/2015, we said the decline to 19054 completed wave ((X)), and the Index has since resumed the rally in wave W in the form of a double correction ((w))-((x))-((y)). Wave ((y)) of W is in progress towards 20316 – 20509. Readers of our Chart of the Day who took a long position from 19043 – 19192 per our 5/5/2015 Chart of The Day should take profit at 20316 – 20509 area, and expect the Index to pullback 3 waves lower in wave X to correct the rally from 19054.

NI225-6020150519202434 May 20

 

Nikkei 225 Chart of The Day posted at 5/22/2015

Since our last update, current preferred Elliottwave view suggests wave ((y)) of W has ended at 20350, and wave X pullback is in progress towards the ideal target of 19561 – 19714 (50 – 61.8 back). Wave X pullback is unfolding in the form of a double correction ((w))-((x))-((y)) where wave ((w)) is expected to complete at 19996 – 20107, then it should bounce in wave ((x)) before turning lower to resume wave X pullback towards 19561 – 19714. We do not like selling the proposed wave X pullback. As far as 19054 pivot holds in wave X pullback, expect buyers to come for 3 waves higher at minimum to correct the decline from 20350 per Elliott Wave hedging technique.

NI225-6020150522085140 May 22

 

Interested to see more? Sign up for 14 days trial now! We are running 14 days FREE trial until the end of May 2015.

At EWF we offer  24 hour coverage of 41 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits.

Back