Nikkei 225 Wave Analysis 5 August 2024

– Nikkei 225 reversed from support level 30600.00

– Likely to rise to resistance level 35000.00

Nikkei 225 index recently reversed up from the key support level 30600.00, former support from the end of 2023.

The support level 30600.00 was strengthened by the nearby 61,8% Fibonacci correction of the previous weekly uptrend from the start of 2023.

Given the predominant daily uptrend, Nikkei 225 index can be expected to rise further toward the next resistance level 35000.00.