Today, we take a look at structure of the decline in Nikkei futures from 9.25.2014 peak. This decline is unfolding as a ( W ) – ( X ) – ( Y ) structure when ( X ) failed between 50 – 61.8 fib retracement area of ( W ). From the secondary (X ) high, Nikkei is showing 11 smaller swings and ideally looking for 15213 – 15058 to complete wave “W” of ( Y ). After that we expect a 3 wave bounce in wave X and lower again toward 14808 – 14558 area to complete the sequence. We don’t like buying into proposed X wave bounce. As we always say, follow W-X-Y and you would know where the market is going. Try to look for 5 wave moves in the market and most likely you would be lost. www.elliottwave-forecast.com is here to teach traders the right way to trade, follow the swing sequence, invalidation levels and arrows to highlight trend in a particular time frame.
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