rv
Short

Nikkei 225 Index(Daily). Short-term topping potential.

rv  
FX:JPN225   Nikkei 225 index of Japanese listed shares
580 8 11
Very Strong run on the Nikkei Index after the Triangle(abcde) break_out, with recently, some signs of fatigue.
Potential AB=CD from 16/5/2014 Low. (Daily time_frame View)
Three drives potential pattern(Non-ideal), possible short term topping formation with Elliot Wave Ending Diagonal characteristics. ( converging Wedge )
Potential mean regression to Uptrend_line, possibility.
Below 20 sma (H4), with bearish divergence on the Daily RSI and MACD , Lower Daily candles.
With Fibonacci Weekly pivots .
This is counter Trend idea, so adds to risk. ( HH - HL formation intact )
Corrective decline, probably wave 5 of 3 here, but one more wave up pending...
I have the same chart, published some time ago:
Nikkei: Update

snapshot
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rv IvanLabrie
thanks for comment and charts. lets watch the USDJPY as well.
+1 Reply
Definitely, eurusd and usdjpy should offer some great opportunities on the long and short side respectively.
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Thanks for pointing to this pattern, didn't notice it.
+1 Reply
Technician TOP Technician
Man was a perfect pattern to short. Really missed that
+1 Reply
rv Technician
You very welcome. Thanks for all the advice.
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Lol just entered short on this this morning for exact same reasons - nice spotting - on prorealtime charts the daily has an evening star as well... risk is small potential reward is large so good opportunity
Reply
Nice ending diagonal completion eh?
+2 Reply
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