Chart of the day

NIKKEI has bounced off the strong upside support of 31400. A confirmed bounce here and a break above 33000 would lead to an extension higher to 36000.

This is still viewed as the fourth wave pullback of the short-term and the long-term upside five unless we see a break below 31700. In that case, an upside reversal can be invalidated

Long trade, You can open here with the stops below 31700. You can reverse to a short trade entry in case you are stopped out from a long trade. We favor the long trade entries as we expect an upside extension from this vital support at the completion of the Elliott Wave five uptrend long-term wave.