A significant level of support (20500) is again being tested... The biggest test the level has had so far.
Up to now every test of the 20500 level has seen a quick 'touch and go' reaction, where supply has very quickly hit demand (waiting buy orders) and price has bounced away with strong momentum.
This time looks very different and suggests that the demand in...
In the screencast I show the evidence of a setup that is approaching, for a nice controlled loss. Loss? Nobody want's to hear about that - but it is exactly what we do!
1. Alternate ABCD pattern with a C-point at 50% (Scott Carney criteria).
2. Zone of congestion.
3. Probabilities for the south based on ATR-based indicator and GMMA.
Having broken out of resistance around the 23000 area and come back below it, the technical picture now looks muddled. For now we can say that we're in a rising wedge, and trend support is currently at the lower boundry.
Has the #nikkei 225 recent spectacular bullish run come to an end, or just taking a breather before moving higher again? Momentum currently bearish as approaching psychological 22000 number. Cur trading 22028