NIKKEI Short-Term Elliott Wave Analysis
Short term Elliott Wave view suggests pullback to 19348 completed wave ((X)). From this level, rally in wave (a) is taking the form of a 5 waves diagonal when wave i ended at 19570, wave ii ended at 19405, wave iii ended at 19775, wave iv ended at 19620, and wave v of (a) is in progress towards 19851 - 19906 equal legs area.
After wave (a) is complete, index is expected to pullback in wave (b) and can test 50 - 61.8 fib retracement of wave (a) before the rally resumes. If wave (a) ends at 19851 equal leg, then wave (b) pullback can test 19541 - 19600 (50 - 61.8 fib retracement). We don't like selling in the proposed wave (b) pullback and expect wave (b) dip to find buyers as far as pivot at the 19348 low remains intact.
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