Nikkei 225 Wave Analysis – 9 September, 2022

• Nikkei 225 reversed from strong support level 27500.00

• Likely to reach resistance level 28800.00

Nikkei 225 index recently reversed up with the daily Hammer from the strong support level 27500.00 (which has been reversing the price from the end of July), intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 27500.00 started the active medium-term correction (2).

Nikkei 225 index can be expected to rise further toward the next resistance level 28800.00 (top of the previous short-term correction 2).