This thread is dedicated to pure Asian Market trades. Emphasis will be mainly on Nikkei but others like Shanghai Comp., Hang Seng, Bombay Sensex and Singapore Straits Times Index will also be observed especially for Top/Bottom corroboration/validation. Recent Nikkei call was spot on to perfection almost (note: I was wrong on Korea top in same thread) http://www.elitetrader.com/vb/showthread.php?s=&threadid=204269&highlight=Nikkei Repeating the Nikkei call of 8-18-2010 here ..... Daily chart Shorties short is the way to be, but Nikkei short-term shorties, watch your ass. Use realtime for profit-taking. Why? See daily chart. Strong support, could be a Head & Shoulders neckline - its also at the 50% fib, so overall quite a strong support. If the dashed downsloping trendline is taken out, she could go to the 200-day m.a. (green) and beyond to form the right shoulder. Uploaded with ImageShack.us Here's how the call played out ................. ... note the near perfect right shoulder height reached on the called rally. Uploaded with ImageShack.us
OK then, so the Nikkei SHORT continues Top call was made April 15, 2010 here ..... Nipponese Nikkei daily chart currently at 38.2% retracement EDT i.e. Ending diagonal Triangle with throw-over says it all. I still have a 11,491 target that has not yet been hit. We are in the 5th of 5 so at or near the top. http://www.elitetrader.com/vb/showthread.php?s=&threadid=179613&highlight=Nikkei+top ----------------------------------------------------- technical thoughts .... Although we have some nice downside bars thru' the neckline, it needs follow-thru' so that we get a decisive break of the neckline and also the 50 has gotta cross below the 200. I'd be happier then. But the daily trend is down and that's all I gotta focus on. Short is the way to be and to remain till further notice.