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).
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
China’s Bank of Communications Q1 profit rises 1.44%
Huawei’s smart car tech offers automakers route to China sales
Electrolux Q1 loss nearly triples on weak demand but beats expectations
DigitalBridge-backed Vantage said to weigh Hong Kong data centres sale
Vietnam delays launch of new stock trading system
Tesla’s plan for affordable cars takes page from Detroit rivals