NIKKEI (NKD_F) forecasting the rally after three waves pull back

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In this technical article we’re going to take a look at the Elliott Wave charts charts of NIKKEI Futures published in members area of the website.  As our members know NIKKEI Futures has been giving us good trading setups recently.  We have been favoring the long side due to impulsive bullish sequences the futures is showing. In further text we’re going to explain the short term Elliott Wave forecast.

NIKKEI Elliott Wave 1 hour chart 12.14.2023

NIKKEI ended cycle from the 11.20. peak at the 32202 low. We got 5 waves up in the rally from the short term low. Currently the futures is doing intraday pull back that seems to be unfolding as potential flat pattern , wave ((b)).  Pull back already shows 3 waves down from the last peak. The price has reached intraday equal legs area at 32646-32338. At that zone we expect buyers to appear for a 3 waves bounce at least or further rally ideally.

NIKKEI Elliott Wave 1 Hour Chart 12.16.2023

The futures found buyers at the marked equal legs area as expected and we got good reaction from there. We count pull back completed at 32470 low. Short term rally made 5 waves up from the 32470 low, and now we are getting 3 waves pull back in (ii) blue. We don’t recommend selling in any proposed pull back.

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• Source: https://www.fxstreet.com/news/nikkei-nkd-f-forecasting-the-rally-after-three-waves-pull-back-202312191356