Just wanted to review some of my NIKKEI calls and to check up on them. I have put together several posts discussing the NIKKEI the last several months: A Trip Around the Globe: A Look at a Few International Indices, NIKKel, I Deserve at Least $0.06 For This Analysis last week, If I had a NIKKel for .... Nov 29, where I identified the potential H&S setup, and Long Term Count of NIKKEI back in Sept.
I want to first back to my Nov 29 post (If I had a NIKKel for ....) where I identified the potential H&S setup. Here is the chart from that post:
We did indeed get a bounce off the identified support line, as I discussed in my next update on Dec 7 in this post: NIKKel, I Deserve at Least $0.06 For This Analysis. Here is the chart from that post:
H&S Setup still looked good in this Dec 10 post: A Trip Around the Globe: A Look at a Few International Indices
.....
And that brings us to today. We have a right shoulder forming in approximately the timeline that I discussed several weeks ago. And the latest development is a rising wedge (bearish) forming at the apex of the right shoulder:
This looks like a very good shorting spot to me. The rising wedge will probably extend out just a bit more, but this looks like a low risk / high reward short spot. How do you play it? Don't ask me, I am just making observations on 2-D paper :)
