Nikkei (13039): Down move intact…
Intermediate trend: Bearish
In the previous review (24 June: Value 13857) I said” the bulls are loosing control over the market after a sharp rally of over 23% since March 08 lows. On the downside expect a fall upto 128
Index achieved 12918 in the last trading session, i.e. just short of our target.
In the extreme short term, a close above 13139-150 is must, to start a corrective up move, i.e. break about the falling parallel channel. If the bulls succeed then expect corrective rally towards 13508 or maximum 13605. Else, a slow and steady down move towards target objective of 12754-12550.
