Nikkei has completed a cycle from 15942 but recovery so far is also corrective which means we are in wave ( B ). Index is showing an incomplete structure from 12409 low, so while above 12691, expect a test of 14300 – 14600 area to complete wave ( B ) before Index turns lower again.

Wave ( A ) low appears to be in place so expect a recovery toward 8225 from where Index should turn lower again. We don’t like buying into the proposed correction higher.

Expect price to remain supported between 1.4363 – 1.4391 during the ( b ) wave pullback and rally to resume. We don’t like selling into proposed ( b ) wave pullback. Initial target on the upside is 1.4635

While below 1257, expect a new low below LOD (1224) to complete wave (( iii )) before we get wave (( iv )) pullback in the metal and lower again. We don’t like buying into proposed wave (( iv )) pullback and strategy remains to sell the rallies. Wave (( iv )) corrective targets will […]