Nikkei 225 - Anticipated Happened and forecast

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 Nikkei daily chart anticipated on 6th May 2023


Nikkei daily chart happened on 23rd may 2023


Analysis

In my previous update dated on 6th May 2023, I had mentioned that, "Nikkei 225 is positively poised and can soar till 31300-31500 levels over short to medium term."

The index made a high of 31352 and has shown signs of reversal thereby achieving my level of 31300-31500 levels - Anticipated Happened

To view my previous article on Nikkei 225 where I did this forecast, click on the below mentioned link

https://www.marketanalysiswithmeghmody.com/2023/05/nikkei-225-3rd-wave.html

As seen in the above chart, prices made a high of 31352 and formed a big red candle at the top. Thereafter it has started correcting which opens negative possibilities. 

From waves perspective, prices are moving in a wave 4 after completing wave 3 at the top. This wave 4 can correct till 38.2% of wave 3 minimum which comes to 29550 levels.

The summation is Nikkei 225 can correct towards 29550 levels over short term with negative bias.

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