Hello fellow traders. In this technical blog we’re going to take a quick look at the past Elliott Wave charts of NIKKEI published in members area of the website. As our members know NIKKEI has been correcting the cycle from the 3/26 low (20190). We expected price to reach extreme zone at 21994-21377 to complete cycle from the May peak. Because of previous bullish trend, we knew that buyers will appear in that area. We expect a turn higher toward new highs or larger 3 wave bounce at least. Below, we’re going to explain the forecast and Elliott Wave analysis.
NIKKEI 4 Hour Elliott Wave Analysis 6.30.2018
The Index is doing correction against the 3/26 low (20190), which is unfolding as Elliott Wave Double Three Pattern. On June 25th we got break of 06/19 low ( marked as wave ((w)) black on the chart). That break has made cycle from the 06/12 peak incomplete to the downside. Consequently we assumed that another leg lower should follow toward extremes from the 05/21 peak : 21994-21377 ( potential buying zone). Proposed area matches with ((w))-((x)) equal legs. At that area buyers should appear for further rally to new high or 3 waves bounce at minimum.
NIKKEI 1 Hour Elliott Wave Analysis 7.2.2018
After sideways consolidation we finally got the proposed leg down. The price has reached 4 hour reversal area at 21994-21377 , according to previous chart. Although the price is at the extreme, there is no sign yet that pull back is completed. Current short term view suggests that we still can get another leg down to reach 1h extremes at 21705-21531 area.
NIKKEI 4 Hour Elliott Wave Analysis 7.23.2018
We got proposed extension lower and shortly after the Index found buyers. We got a turn higher from blue box area as expected. As a result members who took long positions are now enjoying profits. All long positions should be risk free.
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