Nikkei 225 Wave Analysis – 02 August, 2021

• Nikkei 225 reversed from support zone

• Likely to rise to resistance level 28215.00

Nikkei 225 index recently reversed up from the support area lying between the key support level 27225.00 (which stopped the previous waves (A) and (C)) and the lower daily Bollinger Band.

The upward reversal from this support area stopped the previous intermediate ABC correction (2).

Given the strength of the aforementioned support area and the clear multi-month uptrend – Nikkei 225 can be expected to rise further toward the next resistance level 28215.00 (top of the previous impulse wave (1)).