In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of Nikkei. We presented to members at the elliottwave-forecast. In which, the rally from the 08 March 2022 low unfolded as an impulse structure and showed a bullish sequence. Suggested that the index should see more upside extension to complete the impulse sequence. Therefore, we advised members not to sell the index & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
Nikkei 1-Hour Elliott Wave Chart From 4.19.2024
Here’s the 1-hour Elliott wave chart from the 4/19/2024 Asia update. In which, the cycle from the 10/04/2023 low ended in wave (3) as impulse at 40960 high. Down from there, the index made a pullback in wave (4) to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where wave A ended at $38815 low. Wave B bounce ended at 39998 high and wave C managed to reach the blue box area at 37815- 36456. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.
Nikkei Latest 1-Hour Elliott Wave Chart From 4.30.2024
This is the latest 1-hour Elliott wave Chart from the 4/30/2024 NY update. In which the index is showing a reaction higher taking place, right after ending the zigzag correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above 40960 high is still needed to confirm the next extension higher towards 41954- 43564 area higher minimum and avoid double correction lower.
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