Nikkei-Biotech
by WaveTrack International| August 5, 2016 | 4 Comments
Unlikely Partners – late-June lows trade just a few pips below February low – major Elliott Wave significance.
This positive-correlation chart ties together the most unlikely partners. What connection is there between the NBI Biotechnology index and the Nikkei 225 index? Probably little, but the correlation is very distinct.
What is most impressive is the way that each index declined just a few points below the Feb.’16 lows during the late-June, post-Brexit sell-off. When this occurred for the Nikkei, it effectively negated the concept of ending primary wave 4’s counter-trend decline from last years’ high earlier, into the Feb.’16 low. It means that a zig zag into the Feb.’16 low is currently being balanced by a corrective pattern prior to beginning another, secondary zig zag to even lower levels.
The NBI index has outperformed relative to its April high, but as it also declined marginally lower last June, this is simply an expanding flat correction prior to the commencement of another, severe decline to lower lows.
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Tags: Biotech
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4 Responses to “Nikkei-Biotech”
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September 11th, 2016 @ 10:00 am
Hi,
Any particular reason why site/blog is not getting updated after August 25th, 2016?
With Regards,
Praveen
September 11th, 2016 @ 5:31 pm
We prepared some important work and are now resuming the normal updates from 13th September 2016 onwards! Hope this helps and wishing you a beautiful day!
September 12th, 2016 @ 3:22 am
Thank you ! Looking forward to your regular updates.
September 12th, 2016 @ 2:25 pm
You are most welcome!