Nikkei225 (JAPAN225CFD)
Updated the wave count after last night's US indices move.
From the Feb 26 high (60,050) to the Mar 9 low (51,174),
a clean downward Impulse has completed perfectly.
I'm counting this as major Wave 1.
Currently, Wave 2 correction is in progress.
In detail, it's forming a Flat correction structure.
(Now shifting from completed flat (B) to upward Wave (C))
Note: There may still be some wiggling around the yellow circle near 51,000 on Monday open,
but I expect an immediate rebound after that.
Near-term focus: How far will the retracement go?
Main target: Around the end of flat Wave (A) at 55,747.
Additionally, the Fib 0.382 (around 54,400) ~ 0.618 (around 56,600) zone is also key.
If it extends further, up to 0.786 (around 58,100) is in play.
Bigger picture: Once Wave 2 completes,
expect continuation lower in Waves 3-4-5.
Invalidation only above 59,381.
My current position is short with a long hedge.
Depending on next week's price action, I plan to either:
① Add to longs while staying hedged, or
② Take profit on the short side.
#Nikkei225 #Nikkei #ElliottWave #TradingView
Updated the wave count after last night's US indices move.
From the Feb 26 high (60,050) to the Mar 9 low (51,174),
a clean downward Impulse has completed perfectly.
I'm counting this as major Wave 1.
Currently, Wave 2 correction is in progress.
In detail, it's forming a Flat correction structure.
(Now shifting from completed flat (B) to upward Wave (C))
Note: There may still be some wiggling around the yellow circle near 51,000 on Monday open,
but I expect an immediate rebound after that.
Near-term focus: How far will the retracement go?
Main target: Around the end of flat Wave (A) at 55,747.
Additionally, the Fib 0.382 (around 54,400) ~ 0.618 (around 56,600) zone is also key.
If it extends further, up to 0.786 (around 58,100) is in play.
Bigger picture: Once Wave 2 completes,
expect continuation lower in Waves 3-4-5.
Invalidation only above 59,381.
My current position is short with a long hedge.
Depending on next week's price action, I plan to either:
① Add to longs while staying hedged, or
② Take profit on the short side.
#Nikkei225 #Nikkei #ElliottWave #TradingView
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.
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.