Nikkei $NKD Elliottwave Analysis: Extending lower

Daud Bhatti ElliottWave-Forecast.com

Short term Elliott Wave count suggests that rally to 17173 ended wave (W). Decline from there is unfolding as a double three where wave W ended at 16300 and wave X bounce ended at 16883. Near term, while Index stays below wave ((x)) at 16605 and more importantly as far as pivot at 9/22 (16883) high stays intact, expect Index to resume lower towards 15748 – 15962 area to end cycle from 9/2 peak. We don’t like buying the Index.

Author

Daud Bhatti

ElliottWave-Forecast.com

Daud Bhatti (Partner & Senior Analyst) joined Elliottwave-Forecast.Com in 2011 and only after a year was promoted to the position of Senior Analyst.

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