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Elliott Wave View: Nikkei Looking for More Downside

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Short Term Elliott Wave View in Nikkei suggests the decline to 19900 on August 6 ended wave (3). The Index is currently in wave (4) bounce and the internal subdivision is unfolding as adouble three Elliott Wave structure. Up from 19900, wave W ended at 20795 as a zigzag. Wave ((a)) of W ended at 20650 and wave ((b)) of W ended at 20220. Then the move higher to 20795 completed wave ((c)) of W.

The Index then pullback to 20075 which ended wave X with internal subdivision as a zigzag. Wave ((a)) of X ended at 20300, wave ((b)) of X ended at 20765, and wave ((c)) of X ended at 20075. Wave Y is in progress with the internal subdivision of a double three in lesser degree. Up from 20075, wave ((w)) ended at 20685 and wave ((x)) ended at 20450. Near term, while above 20075, Index has scope to extend higher towards 20970 21529 area to end wave Y of (4). Expect sellers to appear from the above area and Index to either resume lower or pullback in 3 waves at least. We dont like buying the Index.

Nikkei 1 Hour Elliott Wave Chart

Nikkei 22 Aug

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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