Elliott Wave View: Impulsive Decline in Nikkei

Our Elliott Wave view on Nikkei suggests the rally to May 4, 2019 high (22505) ended wave w. This ended cycle from December 26, 2018 low and the Index is in the process of at least doing a larger 3 waves pullback. Short Term, decline in Nikkei from May 4, 2019 high is unfolding as an Elliott Wave impulse structure. Down from 22505, wave 1 ended at 21935 and wave 2 ended at 22245. Wave 3 ended at 21080 low.

Expect wave 4 bounce to fail in 3, 7, or 11 swing as far as wave 2 pivot at 22245 stays intact. Possible target for wave 4 is 23.6 – 38.2 retracement of wave 3 at 21539 – 21672. Alternatively, Index can end the entire 5 waves from May 4, 2019 high already. In this case, it should do a larger 3 waves bounce to correct the cycle from May 4 high before the decline resumes. We don’t like buying the Index and expect further downside in the Index to complete a 5 waves down.
14 days free trial --> https://elliottwave-forecast.com/amember/go.php?r=7975&i=l3 and get Accurate & timely Elliott Wave Forecasts of 78 instruments. Webinars, Chat Room, Stocks/Forex/Indices Signals & more.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Get Help Ideas Published Followers Following Private Messages Chat Sign Out