Nikkei (USD) Futures
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Nikkei 225 futures (Nikkei) - WXY wave pattern Nikkei 225 futures (Nikkei) is moving down in WXY wave pattern as complex correction. Wave X was over in wxy correction. Y wave is in progress, which dropped in wave 1 (or A) and corrected by wave 2 (or B). The 3rd (or C) wave will start down.
NIKKEI - ABC flat wave patternNIKKEI futures current contract is making ABC flat corrective pattern. B is about to over and C wave will start soon.
NIKKEI 225 is going back to near all time highInverse H&S pattern formed awaiting confirmation on breakout, verified by diminishing volume into the breakout and the recent strong price action.
If breakout succeeded will send it to 23,200 -ish. Aligns with my prediction on SPX to 2,900
###This is not an investment advice, trade with care with your own risk!###
NIKKEI explores previous range lows, likely fills in range.The drop in the Nikkei into the previous range ended with a test and bounce of the previous monthly range's low. Now that price is declining, we should see a full price exploration of the previous range on the way down.
Nikkei 225 Index now at 19100, Target is Below 15300The Nikkei 225 has bounced to it's current 19100, but very high probability multi time frame momentum, volatility, and stochastic patterns favor new lows below 15300.
Enjoy!
$NIKKEI Futures Beautiful chart$NK_F looks absolutely beautiful on the hourly chart. I believe that it will inverse head and shoulders directly up into its top downtrend line which also happens to intersect with its FIB 61.8% level.
GL HF HOMIES
Life is great againJust had coffee with a trading friend for 2 hours and he was swearing and complaining to me how much he had lost in the stock market! More than 5 figures and worst of all, he kept this from his spouse. He continued to rant on and on about how the market is spooked, manipulative and blamed it on the Central Government for doing too little too late.
Could he be right ? I don't know. I had my fair share of seeing red in my own portfolio and several positions been stopped out as well.
I could not find a better phrase nor word to say what needs to be done now. Then I came across this article here.
It hit on me that a professional jockey could still put on a smile despite not winning for 137 times !That is really admirable in terms of his "never-give-up" attitude.
I am not saying the market will turn around this week if you choose to stay on. Nobody can tell you for sure just like how this stock market plunge took many by surprise. It is like a domino effect, first the Coronavirus dampening the mood of stock market, then the oil play between the OPEC members dragging down the futures and then the stocks as well. Nothing is spared with the exception of safe haven like gold, yen and the VIX.
I have previously mentioned that one must not treat trading as everything in life but just a compartment of his life. There must exist space and time for family, friends, hobbies, social life, etc. Striking a balance is KEY as this is the time where you seek solace in this areas to let out your stress in a healthy manner. What goes down must comes up and vice versa.
To miss the game of it coming up and you not participating in it would be such a shame because you call it quits. Not for another 137 times, now that is professional !! Have the right mindset an you will be able to survive any disasters!
Take care ,everyone !
Bounce Zone 3/4 : $NK1! Trend line support Part 3 of the Bounce Zone series.
$NK1! at medium term uptrend line and SSR support.
Elliott Wave View: Nikkei (NKD_F) Reaching Support AreaShort term Elliott wave view in Nikkei (NKD_F) suggests the Index is doing a larger degree pullback to correct the cycle up from August 26, 2019 low in wave IV, which is unfolding as a flat. Wave ((A)) of IV ended at 22630 low and wave ((B)) ended at 24030 high. From there, it has extended lower in wave ((C)), which is unfolding as a 5 waves impulse Elliott Wave structure. Down from wave ((B)) high, wave (1) ended at 23090 low. The bounce in wave (2) ended at 23803 high.
After that, the index extended lower in wave (3) which subdivides in lesser degree 5 waves. Wave 1 of (3) ended at 23415 low and wave 2 ended at 23635 high. The index continued lower in wave 3, which ended at 22165 low. Then, the bounce in wave 4 ended at 22365 high. The push lower in wave 5 of (3) ended at 22075 low. From there, the index then bounced in wave (4), which ended at 22735 high. Near term, the index has reached the 100% extension area from December 17, 2019 high between 21483-22489. However, expect another leg lower before the cycle from December 17 high ends in wave IV as long as 23803 pivot stays intact. Afterwards, the index should see a larger 3 waves bounce at least from the blue box area.
Elliott Wave View: Nikkei Has Resumed HigherShort term Elliott wave view in Nikkei (NKD_F) suggests the Index ended the correction from December 17, 2019 high in wave ((4)) at 22628. The Index has resumed higher in wave ((5)) although it still needs to break above wave ((3)) on December 17, 2019 high at 24140 to avoid a double correction. However, the rally from February 1, 2010 low (22628) is unfolding as a 5 waves impulse Elliott Wave structure, favoring the upside. Furthermore, other world indices such as $YM_F (Dow Jones Futures) and $NQ_F (Nasdaq) have already broken to new high, supporting the view the next leg higher has started.
Up from February 1, 2020 low (22628), wave 1 ended at 23015 and wave 2 pullback ended at 22800. The Index has resumed higher in wave 3 which subdivides in lesser degree 5 waves. Dips is expected to find support while above 22628 for further upside. We don’t like selling the Index. Near term, expect a few more highs before cycle from February 1 low ends as 5 waves in wave (1). Afterwards, it should correct cycle from February 1 low in wave (2) before the next leg higher. As far as pivot at 22628 low stays intact, expect dips to continue finding support in 3, 7, or 11 swing for further upside.
