NIKKEI 2nd phase of rally starting.NIKKEI (NI225) couldn't have given us a more reliable bullish continuation signal that our last call (August 14, see chart below), as it hit exactly our 39000 Target and then pulled-back:
The rejection took place on the 0.786 Fibonacci retracement level, similar to the, above 1D MA50 (blue trend-line) rejection on October 13 2023, which is the Megaphone fractal we used last time to come up with the buy signal.
So far, the new correction almost reached the 0.5 Fib, so it is good enough for a buy, considering also the fact that the 1D RSI hit again the Symmetrical Pivot Zone, which is where the late October 2023 decline bottomed and started a new rally to the Megaphone's top.
As a result, we turn bullish again today, targeting 42450 (the July 11 High).
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