Hello Traders,
Nikkei short-term Elliott wave view suggests that the decline to 22161 on 9/06/2018 low ended red wave 2. Above from there, red wave 3 remain in progress, nesting higher in an impulse structure. With lesser degree cycles showing sub-division of 5 waves structure in each leg higher i.e black wave ((i)), ((iii)) & ((v)) expected to unfold in 5 waves structure. Also, it’s important to note that the right side is up & instrument is having a bullish sequence tag available in below chart. This suggests that the selling is not recommended.
Up from 22161 low, the initial rally to 22750 high black wave ((i)) in 5 waves. The decline to 22535 low ended black wave ((ii)) pullback.
Then the rally higher from there ended black wave ((iii)) at 24120 high. The pullback to 23817 low ended black wave ((iv)). Above from there black wave ((v)) of 3 remain in progress, looking to extend higher as long as the pivot at 23817 stays intact.
Afterwards, the index is expected to do a wave 4 pullback in 3, 7 or 11 swings before further upside is seen. We don’t like selling it & expect buyers to appear in 3, 7 or 11 swings against 23817 low.
Nikkei short-term Elliott wave view suggests that the decline to 22161 on 9/06/2018 low ended red wave 2. Above from there, red wave 3 remain in progress, nesting higher in an impulse structure. With lesser degree cycles showing sub-division of 5 waves structure in each leg higher i.e black wave ((i)), ((iii)) & ((v)) expected to unfold in 5 waves structure. Also, it’s important to note that the right side is up & instrument is having a bullish sequence tag available in below chart. This suggests that the selling is not recommended.
Up from 22161 low, the initial rally to 22750 high black wave ((i)) in 5 waves. The decline to 22535 low ended black wave ((ii)) pullback.
Then the rally higher from there ended black wave ((iii)) at 24120 high. The pullback to 23817 low ended black wave ((iv)). Above from there black wave ((v)) of 3 remain in progress, looking to extend higher as long as the pivot at 23817 stays intact.
Afterwards, the index is expected to do a wave 4 pullback in 3, 7 or 11 swings before further upside is seen. We don’t like selling it & expect buyers to appear in 3, 7 or 11 swings against 23817 low.
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