Rally in Nikkei Futures (NKD) from March 8, 2022 low (24510) is in progress as a 5 waves impulse Elliott Wave structure. Up from March 8 low, wave 1 ended at 25580 and pullback in wave 2 ended at 24790. Wave 3 has ended at 27910 with internal subdivision as a 5 waves in lesser degree. Up from wave 2, wave ((i)) ended at 25570 and wave ((ii)) pullback ended at 24895. Index then resumes higher in wave ((iii)) towards 27190 and dips in wave ((iv)) ended at 27120. Final leg higher wave ((v)) ended at 27190 which also completes wave 3.
Pullback in wave 4 has ended at 27400. Near term, while pivot at 24914 low stays intact, expect Index to extend higher in 5 waves to end wave 5. This will complete wave (1) in higher degree and end cycle from March 8 low. Afterwards, it should pullback in wave (2) in larger degree 3 waves to correct cycle from March 8 low before the rally resumes. As far as pivot at March 8 low (24510) stays intact, wave (2) pullback should find support in the sequence of 3, 7, or 11 swing for further upside.
