Elliott Wave View: Nikkei Rally Likely Fails for Downside
Wave ((b)) bounce is currently in progress as a Flat structure. Up from 20680, wave (a) ended at 21520 and wave (b) ended at 20705. Internal of wave (a) unfolded as a double three structure. Up from 21520 low, wave w ended at 21410, wave x ended at 21015, and wave y of (a) ended at 21520. Internal of wave (b) ended as a at 20705. Wave a of (b) ended at 21160, wave b of (b) ended at 21505, and wave c of (b) ended at 20705. Wave (c) of ((b)) is in progress as a 5 waves impulse. The rally should fail below March 4 high at 21884 for further downside. We don’t like buying the Index and expect rally to fail for further downside as far as at 21884 high stays intact.