Possible pathway for the Nikkei index to complete retrace. Anticipating an ABC correction toward the wave 4 of uptrend.
As usual, the Red zones represent resistance and Green are support. Once such a zone is broken, it often turns the opposite, as you know.
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Update: thus far we have had perfect reactions to the zones I had anticipated now remains to be seen if it can get above the first resistance (red) zone, which I am thinking it will.
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Nikkei following the path quite precisely thus far.
And it looks like the first path is more likely
Upon closer inspection, the original target for (B) still looks plausible but that 5.618 - 6.0 fib extension might be the end of wave (B). The next few hours will be very important.
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Watching this green zone. If it bounces at or higher, then it remains very bullish. If it breaks, then I will evaluate further. London Open is in 2 hours or so, lets see how it plays out from here.
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Still on course thus far
Close inspection shows the new fib/rhythm it is observing
Then when I fib the latest down move, we see that it smacked into the 3.618 extension and is resting but it below through the 2.618 withotu so much as a pause. So I think the 4.618 is easily in sight, likely the 5.618
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Nice, Fibs DONT lie. Exact bounces at each zone as defined by the ''founding fib'' of the wave down