Nikkei Stops (Mixed Long and Short)

Updated

Probably too ideal to come to fruition, this scenario is considering a rebound from the bullish forces in case of a descent towards the X zone, after encountering resistance near the red plank zone. If the bullish scenario manifests triggering an incursion towards the Z, this spot would be almost perfect for considering a bearish correction, considering that the retest of the grey slightly curved trendline would coincide with a revisiting of the previous record High.

Will be watching closely the price action near the green marked price level for any signs of potential bullish sentiment as the bearish forces haven't looked decisive or important enough since the low near 36700.

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Some interesting signs of potential support at the green level after the break of the curved trendline. Not convinced of potential bull power, even though the level might hold in the near future.

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Purple zone and retest of the grey line combo.

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Second time resistance encountered at the purple zone. It could be just temporary, but I would still prefer to see a pullback towards near the blue zone to consider the more optimistic bullish scenario.

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Higher low, purple resistance zone over, and it is going for a higher high. Probably unlikely to see the X zone visited.

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We might find out next week where this bear wave ends...

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I can't say. If this is the way. The Nikkei goes. Or maybe it flows. Again. Back into the X zone. Anyway, it was still a fun ride all the way to this point. Fingers crossed for any buyers. Myself included.

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Better than expected evolution on this nikkei project, but there is a case for the slim green rectangle to become resistance instead of support. Time will tell, but probably better to watch out for price action signs near the zone.

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The make or break moment. Will the slim green zone hold as support? Watching this closely for a potential break and retest to chase the bulls away. If not, the Z zone might still be a potential valid destination but the initial bearish scenario envisioned in the idea should be analyzed in the unfolding format in case we reach that level...

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After a bounce from the slim green we have finally reached the Z zone which marks this project complete and quite successful. No big signs of weakness yet for a potential short. This could consolidate a bit in this area or even try and push higher.

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A landing on the Z but not quite from the position the initial scenario was envisioning. There could still be a case for a reversal on Nikkei even from this spot if it can't revisit the recent high and if it manages to break below the current positional support (potentially temporary).

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Almost back at the green plank but it shouldn't actually matter as the slim zone is almost over. Even if it finds support near this level it is probably less likely to see a complete reversal after that 2 tap and break of the grey line above. The white path could still prove relevant if this continues the descent towards ~38.600

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Project complete

nen

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