Technical Analysis of Financial Markets

Friday, October 10, 2008

Nikkei, Elliott Wave 2003 to 2008

As of 10 Oct 2008, the Nikkei is within 5% from testing the low of 23 April 2003 which saw the beginning of a 5 year bull market lasting 1537 days (17th Fibonacci number) ending 09 July 2007. The entire bull market consisting of a 5-wave Elliott formation is currently concluding wave C of an ABC corrective pattern which is poised to retrace 100% of the bull market. Notice how the 423.60% Fibonacci extension level projected from corrective wave 2 has defined the extent of impulsive wave 3.

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