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 falling inside minor corrective wave 4

By: Dmitriy Chernovolov

  • Nikkei 225 falling inside minor corrective wave 4
  • Next sell target - 17100.00

Nikkei 225 continues to fall inside the minor corrective wave 4 – which started previously – when the index reversed down from the resistance zone lying between the strong resistance level 17800.00 (which stopped the previous minor correction 4 in January), upper daily Bollinger Band and the 50% Fibonacci correction of the previous sharp downward impulse from last August.

Nikkei 225 is expected to correct down further to the next sell target at the support level 17100.00 (forecast price calculated for the termination of the active wave 4). Strong resistance now stands at 17800.00.

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