Nikkei (NKD) Has Reached Support Zone

CME:NKD1!   Nikkei/USD Futures
Short term Elliott Wave view in Nikkei Futures (NKD) suggests that rally to 40960 ended wave 3. Pullback in wave 4 is currently in progress as a double three Elliott Wave structure. Down from wave 3, wave (a) ended at 40025 and wave (b) ended at 40805. Wave (c) lower ended at 39285 and this completed wave ((w)) in higher degree. The Index then bounced in wave ((x)) which ended at 40324 as the 1 hour chart below shows.

The Index extended lower in wave ((y)). Internal subdivision of wave ((y)) is unfolding as a zigzag structure. Down from wave ((x)), wave (a) ended at 38815 and wave (b) ended at 39995. Wave (c) lower is in progress as a 5 waves. Down from wave (b), wave i ended at 38830 and wave ii ended at 39540. Wave iii lower ended at 38335 and wave iv ended at 38695. Expect the Index to soon end wave v of (c) of ((y)). This should complete wave 4 in higher degree as well. Afterwards, the Index should extend higher or turn higher in 3 waves at least. The support area comes at 37582 – 38626 blue box area where the Index may potentially find buyers.

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