Elliott Wave view suggests the rally in Nikkei from August 26, 2019 low is unfolding as an impulse Elliott Wave structure. In the 1 hour chart below, the rally to 21890 on September 13, 2019 ended wave (3) and wave (4) pullback. Internal of wave (3) unfolded as an impulse in lesser degree. Wave 1 of (3) ended at 20800 and wave 2 of (3) ended at 20416. Up from there, wave 3 of (3) ended at 21455, wave 4 of (3) ended at 21295, and wave 5 of (3) ended at 22095.
Near term, the cycle is mature and thus it’s risky to chase the rally at this stage. However, while near term pullback stays above 21800, further upside can’t be ruled out within wave (5).