Nikkei 225 – Large Corrective Structure MT | Mar 24
Nikkei 225 – Underperforming vs. US Indices, Corrective Structure ST (4hr chart)
One of the more interesting charts of the global indices is the Nikkei 225. While many of the major US indices have been gaining the last few weeks, the Nikkei has gone nowhere since the end of Feb.
Currently the index is contained within a large corrective structure between 16475 and 17250. If this structure fails, there is ST support below around 16336.
However a break and close below here would suggest the rebound has run out of steam with 15750 being the next major test for bulls. Beyond here, a full unwind of the rally from Feb towards 15K is on the cards.
On the other hand, if it can clear 17250, then there is scope for a move towards 17825.
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