Updated

Nikkei (stocks in general) Correction Done? JPN225 to bounce.

It is possible that the correction is done.
Above is a 15 min chart, which is part of this bigger picture on 1 hour:

And even bigger picture on the daily

I was more pessimistic until today, per my previous plans.
It is still possible that we are in the process of a larger correction.
But at least in the short term, there are plenty of signs for significant bounce at this time.

I am looking for one well defined impulse wave to define the bottom.
The two paths of 12345 on the chart would be the ideal form and amplitudes to signify a strong demand.

Lets see how it plays out.

Note

Bulls working hard to hold that first support zone

I almost wish it would drop to the one below, which should give it fuel for a strong bounce

Note

Nice defense of support by the bulls. We are now heading into a possible resistance zone, lets see if bears step in

Note

Japan stocks showed good continuation, right up to first possible end of wave 3.

Based upon the wave formation thus far, I am imagining something like this

wave 4 could be a significant pullback, since wave 2 was pretty shallow. Wave 4 could also be a long and choppy zone. Or maybe the enthusiasm will prove wave 3 is still going without pullback.

EuroMotif

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

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EuroMotif

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