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Nikkei – Watch out for next major decline

by WaveTrack International| May 20, 2019 | No Comments

Nikkei’s 5-Wave Decline from April High Great Proxy for U.S./European Indices – 3-Wave Correction Almost Done! Watch-Out for Next Major Decline!!

Nikkei 225 Elliott Wave Analysis

This short-term look at the Nikkei’s decline from the early-May high of 22505 (futures) is a perfect proxy of the entire scene unfolding in global indices.

Nikkei 225 Index - 60 mins. Forecast by www.wavetrack.com

Nikkei 225 Index – 60 mins. Forecast by WaveTrack International

There’s a very clear five wave impulse pattern unfolding into last Tuesday’s low of 20765. This pattern is labelled as minute wave a and subdividing [i]-[ii]-[iii]-[iv]-[v]. This is part of the ongoing zig zag downswing that began minor wave e. of the 18-month triangle pattern (more details in our previous Elliott Wave Compass Reports).

Note how the 3rd wave as minuette wave [iii] was the longest wave in the pattern. And how the two corrective waves, [ii] and [iv] adhered to the rule of ‘alternation’. Especially, how fib-price-ratios pinpointed the terminal completion at 20765, i.e. waves [i]-[iii] x 61.8% = [v].

Nikkei Forecast

A counter-trend rally has since begun but already approaching idealised upside targets for wave b towards 21482+/-. Once completed, we expect wave c to begin the next and final sequence of declines.

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