$Nikkei / $JPN225 At Critical Level; Favors Decline | $JPY #BOJ
TECHNICAL SYNOPSIS:
1 - Predictive/Forecasting Model defines 20780 as critical high/High-prob. reversal level
2 - Technical analysis would define 20961 as probable resistance level based on June 1997 and April 2000 structural level and last month's failure to break above same level.
3 - Current bar carves out a lower-low relative to last month's bar
Net Bias = BEARISH
BEARISH SCENARIO - 50% FIB:
Decline would likely seek Fibonacci handles at 38.6%, 50.0% or 61.8% significant retracement level. However, first retracement offers little to no past structural levels for reaction when compared to significant pivot range at the corresponding 50.0% Fib retracement level.
INVALIDATION:
Invalidation would occur if price broke above and closed above 20961. For now, market remains taut to the upside.
OVERALL:
Bears are gaining ground, defending a historical 20961 level. Market is taut to the upside, while technical profile is tilting towards bearish favors.
David Alcindor
Predictive Analysis & Forecasting
Durango, Colorado - USA
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Twitter:
@4xForecaster
LinkedIn:
David Alcindor
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1 - Predictive/Forecasting Model defines 20780 as critical high/High-prob. reversal level
2 - Technical analysis would define 20961 as probable resistance level based on June 1997 and April 2000 structural level and last month's failure to break above same level.
3 - Current bar carves out a lower-low relative to last month's bar
Net Bias = BEARISH
BEARISH SCENARIO - 50% FIB:
Decline would likely seek Fibonacci handles at 38.6%, 50.0% or 61.8% significant retracement level. However, first retracement offers little to no past structural levels for reaction when compared to significant pivot range at the corresponding 50.0% Fib retracement level.
INVALIDATION:
Invalidation would occur if price broke above and closed above 20961. For now, market remains taut to the upside.
OVERALL:
Bears are gaining ground, defending a historical 20961 level. Market is taut to the upside, while technical profile is tilting towards bearish favors.
David Alcindor
Predictive Analysis & Forecasting
Durango, Colorado - USA
-----
Twitter:
@4xForecaster
LinkedIn:
David Alcindor
-----
.
As forecast 7 months ago, price rolled according to the dashed arrow, now nearing probable support at 14,000, as illustrated in the following chart::
Best,
David Alcindor