Nikkei 225 Elliott Wave Analysis

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 Nikkei 225 daily chart


Analysis

As shown in the above chart, Nikkei is moving directionless especially after making high in February 2021. As per traditional technicals, the index is moving in a diamond shape pattern and it seems that there can be a bounce which can take prices near to 28000-28400 levels

The pickup in volumes recently has indicated that prices are well supported at the bottoms placed at 25500 levels.

From Waves perspective, the index is moving in a diametric pattern which has seven legs in it (a-b-c-d-e-f-g). Recently it has completed wave e near 25500 levels and it has now unfolded wave f on the upside which can go till 28000-28400 price range.

The summation is Nikkei 225 is positively poised can move near till 28000-28400 resistance zone over short term.


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