AndyM
Long

NIKKEI still on track for new highs

FX:JPN225   Nikkei 225 Index
NIkkei seems to have the most strength among its peers (CAC, DAX             , S&P             ) and is the one who has the highest chance to hit a new high this time. This will be combined with another leg up in USDJPY             .

The wave structure for Nikkei is incomplete and the most recent decline this week seems to be a mere correction as it has failed to develop an impulse of proper velocity. Nikkei can rise to as high as 22600 which is 1.382 extension of A wave decline in 2008.
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