Elliott Wave Analysis of Nikkei (NIK-225)

The last few weeks appear to be what Elliotticians call a thrust from a triangle. If you know a little about Elliott Wave, then you may know that triangles are very common for a 4th wave of an impulse wave. What essentially that means, is once we can count the end to wave 5, then there is a strong risk of reversal. Short term there is a possible setup to suggest an expanded flat pattern for wave [iv] of wave 5, so a new high is seen for wave [v] of wave 5.

I am bearish and looking for a strong breakdown under 23500-23000 to support further downside. Even if a minor new high to end wave 5, I would still stay bearish and look for sellers. A corrective bounce that fails to move above 24000 would support a setup for a move lower, further downside under 23500-23000 would help the short term bearish case.

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The content of this website is for educational purposes only, the information supplied shall not be construed as a recommendation to buy or sell any security or financial instrument. Wavepatterntraders will not be held responsible for any losses occurring from the information provided within the website. The information expressed within the website is solely the opinion of the author/owner. Wavepatterntraders are not registered investment advisers. Members are strongly urged to consult an investment consultant before making any financial decisions or investments.

Futures trading in stocks, Forex and commodity markets carries a high level of risk and past results are not indicative of future performance, trading may not be suitable for everyone. Information supplied maybe copied or reproduced with the permission from the owner, providing that the full attribution is given to the original source and have the acknowledgment of wavepatterntraders.com or its owner.

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Elliott Wave Analysis of Nikkei (NIK-225)

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