1 Sep 2021 ● 06:19 AM
The Nikkei index has possibly completed the complex correction pattern by breaking out from a wedge pattern in wave (Z). In addition to this, the Nikkei index is now trading above the key daily averages. On the way up, the next and the final hurdle for the Nikkei index is the upper end of the downward sloping channel which is currently pegged at 28760. The bulls will be back in action once this hurdle is crossed on the closing basis. As wave 5 unfolds, it can initially re-test the high of wave 3 of 30714. On the way down, the 40DEMA and the 20DMA, which are currently pegged at 27913 and 27688 will be providing support in the near term.