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Friday, December 13, 2013

Elliott wave analysis of Nikkie 225 - More upside to come?

Nikkie 225:

The long term resistance line near 15,870 still protects the upside, but if my Count is correct it should just be a matter of time before we does see a break above the resistance line for a rally towards 17,416 (38.2% target) and possibly even higher towards 18.472 and 19,528.

However I would be very satisfied if we just can break above wave 4 of C at 18,297 as that would indicate more long term upside.

For the short term I would expect support at 14,900 will protect the downside for the break above 15,870 confirming, the last wave v higher towards 17,416 and ideally towards 18,472.

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