EuroMotif

Nikkei (stocks in general) Correction Done? JPN225 to bounce.

FX:JPN225   Nikkei 225 Index
It is possible that the correction is done.
Above is a 15 min chart, which is part of this bigger picture on 1 hour:

And even bigger picture on the daily

I was more pessimistic until today, per my previous plans.
It is still possible that we are in the process of a larger correction.
But at least in the short term, there are plenty of signs for significant bounce at this time.

I am looking for one well defined impulse wave to define the bottom.
The two paths of 12345 on the chart would be the ideal form and amplitudes to signify a strong demand.

Lets see how it plays out.
Oct 30
Comment: Bulls working hard to hold that first support zone I almost wish it would drop to the one below, which should give it fuel for a strong bounce
Oct 30
Comment: Nice defense of support by the bulls. We are now heading into a possible resistance zone, lets see if bears step in
Oct 31
Comment: Japan stocks showed good continuation, right up to first possible end of wave 3.
Based upon the wave formation thus far, I am imagining something like this wave 4 could be a significant pullback, since wave 2 was pretty shallow. Wave 4 could also be a long and choppy zone. Or maybe the enthusiasm will prove wave 3 is still going without pullback.
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