Wyckoff_Trader
Short

Nikkei 225 Experiencing Further Downward Bias

TVC:NI225   Nikkei 225 Index
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TVC:NI225 is expected to re-test its distribution range low, which is also a previous support level at 20,400 level.

Supporting Claim for Downward Bias:
- Index Broke below its Uptrend Line (stride)
- Uptrend line has turned into resistance for index ( Bearish )
- Experienced 2x Upthrust (Failure to maintain new high)

20,400 Level Objective based on:
- Previous support established in Mar 2018
- Fibo 1.618% projection

If Nikkei 225 Breaks Below 20,400 Level:
- Distribution Phase is deemed established and index will enter into MARK DOWN phase
- Next objective will be 19,000 level.

Comment: 1st Objective 20,400 level reached. A break below current level will see index trading towards 19,000 level.
Trade closed: target reached: 2nd objective 19,000 reached.
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