Nikkei short term bull scenario: JPN225 to retest resistance? for FX:JPN225 by EuroMotif

Nikkei short term bull scenario: JPN225 to retest resistance?

Just a quick plot based on Fits and EW.

Stocks have been tumbling globally.
Probably not a good time to look for longs.
But maybe this plot will help look for shorts?

At the very least, this study will help gauge the bull power or how much remains.
If it rushes to the thick red zones, that is a pretty good sign.
If it does not even reach the 3.618 (thin red zone) that is a bad sign.

Note

Friday's Asia/UK sessions buying got clobbered by the US marke, and thus a local double top and triangle

US market now on holiday so not much movement expected until next week.

Trade closed: target reached

Both Targets hit almost exactly!

Note

Interesting behavior at this zone

The spike was due to a Bloomberg f-up, where they reported Trump and Xi had ''Agreed to agree'' but then recanted and said due to translation error it should have said ''NEED to agree''. Thus the spike and retrace.

Close up of price action around my zones

The thicker red zone is clearly resistance. Also note the thin zone below, which is still relevant.

EuroMotif

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EuroMotif

the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag