For this hypothesis to be upheld, Nikkei must not go below 21100. If this level acts as support, a 4794 points extrapolation of wave 1 should send the Nikkei to 25863 before yearend.
There is a chance this hypothesis is not correct, and that we are now entering wave 5 of a bigger cycle that began @8661. In this case the chart would be showing only 1 cycle instead of two. If this is the case, then wave 5 should extend to 28320. This chart will be posted soon.