The Nikkei is still stuck under 18,000, and the daily chart looks less and less bullish. June 2006's high at 18,300 is not far above, the ichimoku cloud has turned red, and the index has made three lower highs with declining volume keeping it in a 1,200 pip range.
However volumes are picking up and the ADX has broken above 30. The Nikkei needs to close a daily candle above 17,900 for me to forget about a possibility that a large-scale correction is coming.
The weekly chart is still completely bullish though, especially looking at last October where the index has broken through a declining trendline that had been respected since 2000. All the indicators still point to the North and the 200 period moving average is faaaaar below (over 5,400 pips).
So what to do?
If I had to trade this, I'd be looking for buying opportunities. However the daily momentum is not clear enough for me to enter here.
However volumes are picking up and the ADX has broken above 30. The Nikkei needs to close a daily candle above 17,900 for me to forget about a possibility that a large-scale correction is coming.
The weekly chart is still completely bullish though, especially looking at last October where the index has broken through a declining trendline that had been respected since 2000. All the indicators still point to the North and the 200 period moving average is faaaaar below (over 5,400 pips).
So what to do?
If I had to trade this, I'd be looking for buying opportunities. However the daily momentum is not clear enough for me to enter here.
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