Update on Nikkei: Sep 28, 2015

NKD just tagged our two next lower targets and is closing in on the third.  As we discussed back on Sep 10 [see: Sep 10 Update on Nikkei], this latest leg lower is seen as necessary to prommpting a further expansion of QQE and/or debasement of USDJPY.

It’s pretty clear that NKD’s price action has been as heavily manipulated influenced as any index.  But, in this case, another leg lower would make perfect charting sense.  It would also fit in nicely with the idea of compelling the BoJ to further expand QQE.

We expanded the target range to include not only the ,886 retracement of the rise from 16525, but the .618 of 14400 to 20990 and the 1.618 of the bounce from 18450 as well (the Fib numbers have changed a bit with the roll to the next contract month.)

2015-09-10 NKD daily 1301Now, with NKD finally reaching the target range, we have to figure out “where to” from here; and, will it be enough to get the BoJ off the dime?

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