Elliott Wave Analysis: NIKKEI Remains Bullish
Jun 18 2021
Hello traders and investors!
Today we will talk about Japanese Index NIKKEI 225 in which we see very clear bullish pattern .
As you can see, NIKKEI made an A-B-C corrective decline from the highs and the main reason why we think it's a correction within uptrend is because of a triangle within wave B in the middle. We know that triangles cannot occur in wave 2, so it must be wave B as part of an A-B-C correction.
The Next very important evidence that A-B-C correction is completed is recent five waves up from the lows and we know that a five-wave reversal indicates a change in trend, so NIKKEI will probably stay in the uptrend.
However, in EW theory, after every five waves, a three-wave pullback follows, so before we will see a continuation higher, be aware of a corrective slow down with ideal support in the 28800 - 28300 zone. Of course, pullbacks could be even deeper, so count remains valid as long as the price is trading above 27400 May lows.
New York time: 00:00:00
Local time: 00:00:00
©2010 - 2020 ew-forecast.comDesign: VOBI