In an 8-month period between July 2007 and March 2008, global stock markets saw steep declines in realisation of an unfolding subprime mortgage crisis leading to the dispersion of credit risk causing a credit crunch. The sell-off in the Nikkei has portrayed itself in a seemingly Elliot five-wave decline. Current price action is finding resistance at the 38.2% Fibonacci extension projected from the bottom of the five-wave decline where a b-wave of a a-b-c corrective three-wave bullish formation may be commencing.
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