Nikkei 225 Short Term Elliottwave Analysis 5/19/2015

Decline to 19033 completed wave ((X)), and the Index has since resumed the rally in wave W in the form of a double correction ((w))-((x))-((y)) where wave ((w)) ended at 19843, wave ((x)) ended at 19468, and wave ((y)) is in progress towards 20276 – 20472. Expect some profit taking from 20276 – 20472 area and the Index to pullback 3 waves lower in wave X to correct the rally from 19033. We do not like selling the proposed wave X pullback. As far as 19033 level holds in the pullback, buyers should come again for the next leg higher once wave X pullback is complete in 3, 7, or 11 swing.

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