*Nikkei Trading near very important Fibonacci level 0.618 and made rectangle pattern.
* If breakout will happen we will see a big move around 20% to 30 % .
NIKKEI 225 is forming a long term inv h&s pattern ....right now in consolidation so may even correct fr some time... bt once it crosses 24,400 level on monthly closing basis than a new uptrend will start for a very long term .... suggested to sip in index fund of japan on 9/10/20
Nikkei 225 Index 1H TF Elliot Wave Analysis
The Price is still consolidating in the Triangle channel as abcde, Nikkei could Retrace till 19987.31 to 19719.48 odd levels.
The Index is still in Bearish Sequence
TVC:NI225
Considering the retracement zones, a bearish grip could pull the Nikkei to near 18k price points. The Yen is losing it's haven-like reputation with Japan's national debt on the rise at almost 2.5x of GDP.
I think that the range of 22000-23000 will not last long.
Following the course,
July 2: It penetrated down 22000 that is the neckline of the blue double bottom.
July 5: It was bounced back by YPP (P) and returned to the range.
July 9th and July 12th: It went up as attacking the short entry on July 2nd while swinging around.
After the movement of attacking...
There is no trend, it is NK225 that goes between 22000 and 23000 range.
However, it is still difficult to understand price movements.
I think that there is no problem by doing both trading and selling.
<< tactics >>
1) MPP (P) 22372.6 can be recognized as functioning.
short.
There is WePP (S1) 22195.6 on the way, but thought to penetrate, it limits above...
Wow its like 1990s again in Nikkei…Most overbought in 31 yrs..16% up in last 2 months.Not a single down day in last 21 days….
Rectangle breakout on its monthly chart….A throwback to 20,000 possible with upside target of 32500… may just fall short of 35000 of 1990s
DISCLAIMER: I AM NOT SEBI REGISTERED ANALYST. ALL POSTS ARE EDUCATONAL PURPOSES. NON ADVISORY,...
Nikkei broke the trendline today and closed around 16250. will it retrace again back to the trend line where fibbo of 78.6 lies. 16900-17110 can be a good zone to short. can long till 16900 with sl of 16050.
