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Short

Nikkei 225 preparing for a decent drop?

TVC:NI225   Nikkei 225 Index
The Nikkei 225 is currently testing a major key level. This level has been touched more than 10 times since 2017 (I was lazy and only drew the 2018 touches on the chart).

This level also coincides with the .50 and .618 fibs from the previous swing highs. Also, price action doest not seem to be decisive enough for a break. You can see that most past breaks of this level had much stronger candles.

Given all this, I expect a drop to support at the next key level.

Aug 24
Comment: Still grinding up, but not sure if this could be a fake breakout. Right now we're forming an ending diagonal in the 5 min timeframe, so we should have a retest of the key level soon.

Everything depends on what happens on this retest.
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