Nikkei Futures Looking For More Downside
Elliott Wave Forecast | Sep 27, 2016 10:48PM ET
Nikkei 225 futures: Short term Elliott wave count suggests that rally to 17173 ended wave (W). Decline from there is unfolding as a double three where wave W ended at 16300 and wave X bounce ended at 16883.
Near term, while Index stays below wave ((x)) at 16605 and more importantly as far as pivot at 9/22 (16883) high stays intact, expect Index to resume lower towards 15748 – 15962 area to end cycle from 9/2 peak. We don’t like buying the Index.
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