Nikkei perfect reaction higher from the blue box area
In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of Nikkei. We presented to members at the elliottwave-forecast. In which, the rally from 03 May 2023 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the $NKD_F & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
Nikkei 1-Hour Elliott Wave chart from 6.24.2023
Here’s the 1hr Elliott wave chart from the 6/24/2023 Weekend update. In which, the cycle from the 5/03/2023 low ended in wave ((iii)) as an impulse structure at 34030 high. Down from there, the index made a pullback in wave ((iv)) to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where wave (a) at 33085 low. Wave (b) ended at 33800 high and wave (c) managed to reach the blue box area at 32853- 32268 area. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.
Nikkei latest 1-Hour Elliott Wave chart from 7.04.2023
This is the latest 1hr Elliott wave Chart from the 7/04/2023 London update. In which the Nikkei is showing a strong reaction higher taking place, right after ending the zigzag correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above 34030 high is still needed to confirm the next extension higher & avoid a double correction lower.
Author
Elliott Wave Forecast Team
ElliottWave-Forecast.com
