Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

Nikkei 225 broke pivotal resistance level 17170.00

By: Dmitriy Chernovolov

  • Nikkei 225 broke pivotal resistance level 17170.00
  • Next buy target – 17800.00

Nikkei 225 continues to rise – following the earlier breakout of the pivotal resistance level 17170.00 (which earlier reversed previous waves 3, (A) and B, as can be seen from the daily Nikkei 225 chart below). The breakout of this resistance level is likely to accelerate the active minor impulse wave 3, which belongs to the intermediate (C)-wave from the start of Aril.

Nikkei 225 is expected to rise further to the next buy target at the resistance level 17800.00 (which stopped the earlier minor correction 4 in January and which is the forecast price for the termination of the active impulse wave 3).

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