Nikkei 225: Final bull charge seen
THE Nikkei 225 index has made a significant recovery since the 1990s. The index for the Tokyo Stock Exchange broke new high in mid-2012 after a prolonged period of range-bound trading.
The bullish momentum in 2013 was marked by the success of Abenomics, which sought to bring about a revival of the Japanese economy after a period of stagnation between 1990 and 2010. The index showed no sign of slowing down and broke the 20,000-mark in June 2015.
Based on the Elliott wave theory, the five waves of the Primary wave have been completed. Looking back at the Primary wave movements, wave 2 was a period of ranging trade movements. Wave 3 began when the index price broke the highest price of wave 1, accentuated by the golden cross (50 SMA cross above the 200 SMA).
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