Nikkei Remains Bullish As March 10th Cycle Low Could Be In Final Stages
Elliott Wave Forecast | Mar 24, 2015 06:53PM ET
Nikkei 225 Japanese Stock Index cycles remain bullish. Our preferred reading of the cycles suggests a cycle from 10th March (18514) low is in it’s final stages and should be completing soon. Minimum requirements of the structure are already in place but while above the rising trend line and above red wave iv low (19605), there is scope for another high to complete a 5 wave Elliott wave move up from 18514 low. New high could test 19782 or even 19907 before wave ((b)) pull back begins.
5 waves mean after a corrective pull back, we should expect further strength in the Index. As trend is up and a move can always extend, we don’t like selling the Index and expect wave ((b)) pull back to find buyers in 3, 7 or 11 swings as far as pivot at 18514 low remains intact. A common area for wave ((b)) to end is wave (iv) of lesser degree (19275) or in 50 – 61.8 Fibonacci retracement area of wave ((a)) which we could work out only once wave ((a)) has completed.
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