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Nikkei Trading In An Impulse Sequence Favor Continuation Higher

The Short-Term Elliott Wave view in Nikkei (NKD_F) suggests that the rally from the 04 October 2023 low is unfolding in an impulse sequence favoring more upside to take place. In which the previous rally to 33780 high ended wave 1. Then a pullback to 32195 low ended wave 2. Up from there, the rally to 37010 high ended wave 3 & made a pullback in wave 4. The internals of that pullback unfolded in a double three structure. Whereas wave ((w)) ended at 35700 low. A bounce to 36290 high ended wave ((x)) and ended wave ((y)) at 35671 low. Thus completing wave 4 pullback.

Up from there, the index has made a new high already above 37010 high confirming the wave 5 higher. Also, the rally from the 35671 low is unfolding in an impulse sequence where lesser degree wave (i) ended at 36535 high as a diagonal. Down from there, a lesser degree pullback to 35835 low ended wave (ii) & started the next leg higher towards 37290 high to end wave (iii). Below from there, the index is doing a short-term pullback in wave (iv) towards 36789- 36567 area lower. From there, the index is expected to resume the upside or should produce a 3 wave reaction higher as long as the pivot from 35671 low stays intact.

Nikkei 1-Hour Elliott Wave Chart

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