Nikkei225
The pullback from the 05:00 session has been slightly deeper than initially expected.
If price breaks below 53,821, we could see a move down to the 53,300 area.
That said, the 53,600 zone acted as unusually strong support on March 3rd and 4th, so there’s a solid chance the decline finds a bottom around there.
If we hold above 53,821 and break above 54,454, the path of least resistance turns higher.
Should it break lower instead, expect a little more downside probing.
Either way, a rebound looks probable in the near term.
However, because a clear impulse wave has developed from the February 26 high, any rally up to around 56,600 is likely to be corrective in nature — with a more substantial decline expected to follow.
This is my current view.
#Nikkei225 #ElliottWave
The pullback from the 05:00 session has been slightly deeper than initially expected.
If price breaks below 53,821, we could see a move down to the 53,300 area.
That said, the 53,600 zone acted as unusually strong support on March 3rd and 4th, so there’s a solid chance the decline finds a bottom around there.
If we hold above 53,821 and break above 54,454, the path of least resistance turns higher.
Should it break lower instead, expect a little more downside probing.
Either way, a rebound looks probable in the near term.
However, because a clear impulse wave has developed from the February 26 high, any rally up to around 56,600 is likely to be corrective in nature — with a more substantial decline expected to follow.
This is my current view.
#Nikkei225 #ElliottWave
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.