Nikkei Anticipated Happened

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 Nikkei 225 Anticipated on 21st Oct 2023


Nikkei 225 Happened on 15th Nov 2023

Analysis


In my prior article, I indicated that the Nikkei 225 showed a moderate positive outlook, suggesting a potential move to test 33000 levels as long as support at 30700 held. Despite a brief dip below 30700, the index swiftly rebounded, reaching my target of 33000—accurately predicted.

To revisit the detailed analysis, you can access my previous article on Nikkei 225 through the following link:

https://www.marketanalysiswithmeghmody.com/2023/10/nikkei-225-anticipated-happened.html.

The chart illustrates a concerning lower high and lower low pattern, indicating a negative trend. In the recent week, the index closed near the resistance of a descending channel and encountered obstacles at the prior swing high of 33877 levels. Additionally, a bearish island reversal pattern has formed according to candlestick analysis.

Examining the wave perspective, prices are currently in wave c, with wave i concluding at 32205 levels. The ongoing wave ii has reached 100% of wave i, suggesting the potential initiation of wave iii to the downside, possibly concluding around 30400 levels, marking the completion of wave c.

In summary, the Nikkei 225 is anticipated to experience a decline from current levels, targeting around 30400 levels in the short to medium term. It's crucial to note that a decisive breach of the 33900 level could invalidate this analysis.

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