Short Term Elliott Wave view suggests the rally from December 21, 2020 low in Nikkei Futures is unfolding as a 5 waves impulse Elliott Wave structure. Up from December 21 low, wave ((i)) ended at 27715 and pullback in wave ((ii)) ended at 26955. Index then rallied to 27615 to end wave (i) and pullback in wave (ii) ended at 27410. Wave (iii) ended at 28300, dips to 28035 ended wave (iv) and last leg higher wave (v) ended at 28380. This completed wave ((iii)) in higher degree. Afterwards, pullback in wave ((iv)) ended at 27965 as a triangle.
Index is now in the process of ending the last leg wave ((v)) as another 5 waves in lesser degree. Up from wave ((iv)) low at 27965, wave (i) ended at 28230 and wave (ii) ended at 28125. Wave (iii) ended at 28510, pullback in wave (iv) ended at 28375, and Index is expected to complete wave (v) of ((v)) soon. This should end wave 1 in higher degree and complete the cycle from December 21, 2020 low. Afterwards, expect Index to pullback in wave 2 in the sequence of 3, 7, or 11 swing to correct cycle from December 21 low before the rally resumes.
Nikkei 45 Minutes Elliott Wave Chart
Nikkei Elliott Wave Video