Quick update on Nikkei bounce. Expecting a wave 4 dip to continue before a final leg up. After the 5 waves are complete, we should see a larger correction. Lets see how it plays out.
Above is an update to my last plan for market recovery (at least temporary)
Kommentera
⋅
So here we are, at the short term bounce zone I am hoping, lets see
Kommentera
⋅
Hmm, almost at target but the path there has been quite different than I had expected
Kommentera
⋅
It is a bit concerning that wave 4 reached a little below wave 1 The breach was minor, but a breach nonetheless. Idea bounce would have been in a zone above the wave 1 as I originally drew. So that leaves us with this recent spike and what it might lead to. If it gets mostly retraced, then we may have topped for now.
Kommentera
⋅
For this spike, the 4.236 extension will be the important line to watch
Kommentera
⋅
Trump news just came out, looks to be reducing trade war rhetoric against China, so all stock markets are getting a boost, and the Nikkei went right past resistance. I expect it will go quite a bit higher unless the news is downplayed by Trump later.