Wednesday | 19th September 2018

Good Day all my beloved students & steemians. Inside this daily commentary I will share the short-term technical outlook for Nikkei 225 Index.

  Previous commentary refer here: http://bit.ly/nikkei225-170818

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NIKKEI 225

Considering the surge in the Nikkei last week, there was a realignment of the wave counts from the July 18 peak of 22920 onwards.

There was another re-labeling of the wave counts from the July 18 peak of 22920 onwards. 

But for all intents and purposes, the trajectory of the Nikkei going forward is never in doubt. In the previous update, it is was suggested that the rise from the September 9 low of 22065 is likely unfolding as a wave 1 of (3). 

There is a slight adjustment there.Instead of a more conservative outlook calling for a test of the supply zone at 23465 – 23590 to be followed by a corrective pullback towards the demand zone at 22235 – 22320 before resuming its upswing, the overnight rise from 22065 blew past 23590 to categorically invalidate the 4-hourly time frame bearish directional bias which was in existence since late January. 

This is a very bullish development.

As noted, a break above 23590 had flipped the near-term dominant trend from negative to positive and set the stage for a sustained rally in the weeks ahead. Over the medium-term, the focus is on the year’s high at 24160.

Beyond this level, this rally is likely to extend towards the area between 24476 – 24698 before any profit-takings set in. Higher levels lie ahead.