Nikkei 225 Wave Analysis 29 December, 2020

• Nikkei 225 broke resistance level 27000.00

• Likely to rise to 28000.00

Nikkei 225 index continues to rise after the price broke out of the narrow sideways price range inside which the price has been trading from the end of November as can be seen below.

The breakout of this price range coincided with the breakout of the round resistance level 27000.00 – which accelerated the active impulse waves (iii) and 5.

Nikkei 225 is expected to rise further to the next resistance level 28000.00 (target price for the completion of the active minor impulse wave (iii)).