Nikkei 225 Wave Analysis – 24 February, 2020

• Nikkei 225 broke key support level 22650.00
• Likely to fall to 22000.00

Nikkei 225 under bearish pressure after the earlier breakout of the support area located between the key support level 22650.00 (which has been reversing the price from October) and the 38.2% Fibonacci correction of the previous sharp upward impulse (1) from August.

The breakout of this support area should accelerate the active impulse wave C which belongs to the multi-week ABC correction (2) from December.

Nikkei 225 is likely to fall further toward the next support level 22000.00 (likely price for the completion of the active impulse wave (iii)).