The past performance of the 1-hour Elliott Wave Charts of Nikkei has been analyzed by experts at elliottwave-forecast. The rally from the 08 March 2022 low unfolded as an impulse structure, indicating a bullish sequence. Members were advised not to sell the index, but rather to buy the dips in 3, 7, or 11 swings at the blue box areas. The completion of the impulse sequence was forecasted, suggesting more upside extension ahead.
Wave Analysis of Nikkei Charts
Looking at the 1-hour Elliott wave chart from the 4/19/2024 Asia update, the cycle from the 10/04/2023 low ended in wave (3) as an impulse at 40960 high. A pullback in wave (4) corrected that cycle, unfolding as an Elliott wave zigzag structure. Wave A ended at $38815 low, wave B bounced to 39998 high, and wave C reached the blue box area at 37815-36456. Buyers were expected to appear at this point, either for the next leg higher or a minimum 3-wave bounce.
Current Elliott Wave Analysis
The latest 1-hour Elliott wave chart from the 4/30/2024 NY update shows a reaction higher in the index, following the completion of the zigzag correction within the blue box area. Members were able to establish a risk-free position after taking a long position at the blue box area. However, a break above 40960 high is still needed to confirm the next extension higher towards 41954-43564 area and avoid a double correction lower.
The analysis of the Elliott Wave Charts for Nikkei provides valuable insights into the future outlook of the index. The impulse structure indicates a bullish sequence, with potential for more upside extension. By observing the wave patterns and key resistance levels, traders can make informed decisions regarding their positions in the market. It is important to stay updated on the latest developments and confirmatory signals to navigate the fluctuations in the market successfully.