Nikkei

Nikkei seems to have completed a minor degree w-x-y-x-z in wave Y and it has bounced from the lower of the channel.  Most likely, Nikkei has formed a near-term bottom and this would mean that it can see a pullback in the near term. On the way up, 20DMA and 40DEMA, currently pegged at 26475 and 26863 respectively, be the near-term resistance levels to watch for. On the way down, the low of 24682 will be an important support level.