WaveTrack International

Elliott Wave Financial Price Forecasting

Nikkei 225 – temporary oversold

by m.tamosauskas| June 5, 2013 | No Comments


The Nikkei sold off sharply during the last days and is now already approaching downside objectives towards 12835.66. This swift decline puts a completion of the entire counter-trend sequence from the 15942.60 high into doubt. It seems more likely that the 15942.60-12835.66 decline will constitute only the first part of a more complex downswing that will continue towards 11220.07 in the months ahead. A reversal signature from 12835.66 thus is expected to initiate wave ‘X’ counter-trend advances with idealised targets to the fib. 61.8% resistance at 14673.70. A continuation higher that would exceed the May high of 15942.60 cannot be ruled out at the moment but is deemed less likely.


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