Japan Nikkei 225 Experiencing Further Downward Bias

Nikkei 225 Index is expected to re-test its distribution range low at 20,400 level. The level is also a previous support level.

Supporting Claim for Downward Bias: 
- Index Broke below its Uptrend Line (stride) 
- Uptrend line has turned into resistance for index ( Bearish ) 
- Experienced 2x Upthrust (Failure to maintain new high). This potentially means that smart money is distributing at premium levels as "Breakout" traders buy in strength.

20,400 Level Objective based on: 
- Previous support established in Mar 2018 
- Fibo 1.618% projection 

If Nikkei 225 Breaks Below 20,400 Level: 
- Distribution Phase is deemed established and index will enter into MARK DOWN phase 
- Next objective will be 19,000 level. 

Having a Wyckoff Price Cycle concept in mind helps traders see the market from a structured prospective. 

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