Nikkei 225 - Revisited

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 Nikkei 225 daily chart anticipated on 6th November 2022


Nikkei 225 daily chart happened on 24th November 2022


Analysis

In my previous update on Nikkei 225 updated on 7th November 2022, I had mentioned that, “Nikkei 225 is positively poised can move near till 28000-28400 resistance zone over short term.”

The index started moving higher as anticipated and made a high of 28500 on 24th November 2022 – Anticipated Happened.

To read my previous article on Nikkei 225 click on the below link

https://www.marketanalysiswithmeghmody.com/2022/11/nikkei-225-elliott-wave-analysis.html

As seen in the above chart, the index reversed from the trend line resistance and has started moving down. Prices have also broken its previous low of 27773, this has opened negative possibilities which can slump prices going ahead.

From Waves perspective, prices are in the last leg of diametric pattern (a-b-c-d-e-f-g) which means after completing wave f higher near to 28500, prices has opened wave g lower which can drag prices back till 26800-26500 levels.

The summation is Nikkei 225 can plunge towards 26800-26500 zone over short term with resistance at 28350.


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