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
Supporting Claim for Downward Bias:
- Index Broke below its Uptrend Line (stride)
- Uptrend line has turned into resistance for index ( )
- 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 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.
Join us in our Upcoming Class in conjunction with SGX Academy, to learn the Richard Wyckoff principles, analysing and trading in harmony with the markets and smart money.