NIKKEI

[Au-myn]

This LT P & F chart of the NIKKEI dates back to early 1999. I used a 300 x 3 scale because most of the formations and trend channels are well defined and accurate. The land of the "Rising sun" has been in a bear market since November of 2007.

The latest attempt to breakout of this bearish trend in the past several years has failed. Since April of 2010 the bearish resistance line has turned back the NIKKEI's attempt on several occasions. Presently, the Index clings to the level just above 8100, which would be a Triple Bottom formation sell signal. A sell signal could send the NIKKEI spiraling down and re-test the lows of 7200.