Home » Technical Analysis » NIKKEI 225 Short-Term Elliott Wave Analysis – May 20, 2015

NIKKEI 225 Short-Term Elliott Wave Analysis – May 20, 2015

The decline to 19054 completed wave ((X)), and the Index has since resumed the rally in wave W in the form of a double correction ((w))-((x))-((y)) where wave ((w)) ended at 19865, wave ((x)) ended at 19495, and wave ((y)) is in progress towards 20314 – 20507. Expect some profit taking from the 20314 – 20507 area and the Index to pull back 3 waves lower in wave X to correct the rally from 19054. We do not like selling the proposed wave X pullback. As far as the 19054 pivot holds in the pullback, buyers should come again for the next leg higher once wave X pullback is complete in 3, 7, or 11 swings.

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