Nikkei strong reaction higher from the equal legs area

In this technical blog, we will look at the past performance of the 4-hour Elliott Wave Charts of Nikkei. We presented to members at the elliottwave-forecast. In which, the rally from 04 October 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. We will explain the structure & forecast below:

Nikkei four hour Elliott Wave chart from 12.07.2023

Here’s the 4-hour Elliott wave chart from the 12/07/2023 London update. In which, the cycle from the 10/30/2023 low ended in wave 3 as an impulse structure at 33870 high. Down from there, the index made a pullback in wave 4 to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where wave ((a)) at 32695 low. Wave ((b)) ended at 33465 high and wave ((c)) managed to reach the equal legs area at 32295- 31570 area. From there, buyers were expected to appear looking for the next leg higher or for a 3-wave bounce minimum.

Nikkei latest four hour Elliott Wave chart

This is the latest 4-hour Elliott wave Chart update. In which the Nikkei is showing a strong reaction taking place, right after ending the zigzag correction within the equal legs area. Allowed members to create a risk-free position shortly after taking the long position. However, a break above the 33870 high is still needed to confirm the next extension higher & avoid a double correction lower.

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