In this article we’re going to take a quick look at the Elliott Wave charts of NIKKEI published in members area of the website. As our members know NIKKEI is showing impulsive bullish sequences that are calling for a further strength. Recently we got a 7 swings pull back that has ended at the Blue Box zone,our buying area. In the further text we are going to explain the Elliott Wave Forecast and trading setup.
NIKKEI Elliott Wave 4 Hour Chart 08.17.2023
NIKKEI is giving us correction that is unfolding as a 7 swings pattern. The price is reaching extreme area at 31287-30761 blue box ( buying zone). At the moment structure is still incomplete. Another wave down should be ideally seen toward marked area. We don’t recommend selling the futures and prefer the long side. We expect NIKKEI to make a rally toward new highs or in 3 waves bounce alternatively. Once bounce reaches 50 Fibs against the X red high-33495 , we will make long position risk free ( put SL at BE) and take partial profits.
Official trading strategy on How to trade 3, 7, or 11 swing and equal leg is explained in details in Educational Video, available for members viewing inside the membership area.
Quick reminder on how to trade our charts :
Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable. 🚫
NIKKEI Elliott Wave 4 Hour Chart 09.04.2023
NIKKEI made the last push down as expected. The price found buyers right at the equal legs area : 31287-30761 . NIKKEI made good reaction from our buying zone. We call wave pull back completed at 31256 low. The price has reached and exceeded 50 fibs against the X red high. Consequently, members who took the long trade are enjoying profits now in a risk free positions. We would like to see break of (1) blue high :34040, to confirm next leg up is in progress.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room
Source: https://elliottwave-forecast.com/trading/nikkei-nkd_f-buying-blue-box/