NIKK: updated on February 18, 2019
Last week’s drop should not have come as a surprise to anybody, as the target zone was reached, but the NIKK recovered even faster. This could mean wave-i wasn’t complete as we now have possible five waves up off the December lows. I’ve also changed the bigger picture count as the whole advance off the April 2018 lows to the October highs is clearly only three waves up and not five. Thus it is part of a larger corrective structure that started in January 2018. It is an expanded irregular flat correction where wave c>b>a. Now a new impulse should be underway. Flat corrections are namely very common for 4th waves. It also means the NIKK is working on IMHO its last impulse wave up since the 2009 lows. As the TIs are starting to point down, a wave-ii is now most likely imho before wave-iii can start.