NIKKEI Short Term Elliott Wave Analysis 5.4.2015

FX:JPN225   Nikkei 225 index of Japanese listed shares
Short term Elliott Wave view suggests pullback to 19348 completed wave ((X)). From this level, rally in wave (a) is taking the form of a 5 waves diagonal when wave i ended at 19570, wave ii ended at 19405, wave iii             ended at 19775, wave iv ended at 19620, and wave v of (a) is in progress towards 19851 – 19906 equal leg area. After wave (a) is complete, index is expected to pullback in wave (b) and can test 50 – 61.8 fib retracement of wave (a) before the rally resumes. If wave (a) ends at 19851 equal leg, then wave (b) pullback can test 19541 – 19600 (50 – 61.8 fib retracement). We don’t like selling in the proposed wave (b) pullback and expect wave (b) dip to find buyers as far as pivot at the 19348 low remains intact.

Twitter: cmellon1976
Website: http://elliottwave-forecast.com/amember/go.php?r=2670&i=l1
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