Nikkei 225 Wave Analysis – 5 May, 2022

• Nikkei 225 reversed from resistance area
• Likely to test support level 26500.00

Nikkei 225 index recently reversed down from the resistance area located between the key resistance level 27425.00 (which has been reversing the price from last month), upper daily Bollinger Band and the 50% Fibonacci correction of the downward impulse from March.

The downward reversal from this resistance area stopped the previous ABC correction 2.

Nikkei 225 index can be expected to fall further toward the next support level 26500.00.