Price increased a little and is trying to retest the median line (ml) of the minor descending pitchfork. The next downside target remains at the first warning line (WL1) of the major ascending pitchfork. Only a failure to retest this level will signal a rebound towards the 150% Fibonacci line (ascending dotted line). However, a breakdown will confirm a major drop, but is premature to say what will happen because Nikkei has opened with a gap up in the morning and is fighting hard to recover after the yesterday’s massive drop.

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