Nikkei225 Elliott Wave Count Update
No change to the downward impulse scenario starting from the 2/26 high.
However, the move from the 3/23 low — which I previously interpreted as a flat C wave in 5-wave structure — has been updated. I now see a contracting triangle in progress, with a high probability of continued sideways/choppy action with up-and-down swings.
(If it breaks above 54,375, the flat scenario will come back into play.)
Sideways movement inside the triangle is expected to continue until around April 6–7, after which the impulse wave 3 decline should begin.
This week’s bias & position
Bullish ⤴️
Invalidation: Break below 50,633
※ In that case it would mean a zigzag is still in progress from the 2/26 high, with the B wave being the triangle and C wave decline starting. However, I consider this possibility to be extremely low.
#Nikkei225 #ElliottWave
No change to the downward impulse scenario starting from the 2/26 high.
However, the move from the 3/23 low — which I previously interpreted as a flat C wave in 5-wave structure — has been updated. I now see a contracting triangle in progress, with a high probability of continued sideways/choppy action with up-and-down swings.
(If it breaks above 54,375, the flat scenario will come back into play.)
Sideways movement inside the triangle is expected to continue until around April 6–7, after which the impulse wave 3 decline should begin.
This week’s bias & position
Bullish ⤴️
Invalidation: Break below 50,633
※ In that case it would mean a zigzag is still in progress from the 2/26 high, with the B wave being the triangle and C wave decline starting. However, I consider this possibility to be extremely low.
#Nikkei225 #ElliottWave
Note
This indicates that the Impulse Wave 2 is forming a double three corrective pattern in a W-X-Y structure, with the Y wave developing as a triangle.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.