Brief EW analysis of the Nikkei index suggests we're at the top, or close to it. As per my USDJPY/Nikkei chart, the area above is a very strong quarterly chart resistance. A move above 23155 would invalidate this scenario, making wave 3 the smallest. Just something to keep in mind. Good luck!
It looks like the market is reacting to confirm your forecast. Nice call!
HamedAghajani
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Well done Ivan- I had a similar chart showing the top on S&P, after which the index started to roll-over.
HamedAghajani
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sorry!!!
IvanLabrie
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Great! It looks like the start of a big move it would seem. Not a pretty picture...
HamedAghajani
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It could go to 800. Not a pretty picture at all;
IvanLabrie
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IvanLabrie
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Potential top is in. Time expired after target exceeded in the last time at mode uptrend signal.
Looks like wave 1 extended, leaving us with smaller waves 3 and 5, with the 5th having to be smaller or equal to the 3rd as a requirement for this scenario to be valid.
IvanLabrie
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Nice bearish buildup, we will see range expansion to the downside soon.
IvanLabrie
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Watch this AB=CD...It seems that price formed an extended wave 1, in which case wave 5 can't extend over that price according to the rules, because it would become larger than wave 3.
It's possible to see a large scale reversal here.
IvanLabrie
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I think we established an important high, don't want to call the top, but it could very well be.