Nikkei 225 Wave Analysis – 6 January, 2023

• Nikkei 225 reversed from support level 25700.00

• Likely to rise to resistance level 26500.00

Nikkei 225 index recently reversed up from the key support level 25700.00 (that has been repeatedly reversing the index from the middle of May), intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 25700.00 stopped the previous minor ABC correction 2 from August.

Given the oversold daily Stochastic, Nikkei 225 index can be expected to rise further toward the next resistance level 26500.00 (which stopped the previous correction iv).