Nikkei

March 2020 to February 2021 rise can be taken as a five-wave rise and this makes more sense because the weekly momentum indicator has completed its pullback cycle when Nikkei finished its complex correction at the end of August 2021. Also, the wave counts would then match with the quarterly chart. That said, larger degree wave 3 has possibly started. In the medium to long term, the Nikkei index has the potential to move higher towards 50550 where wave 1 and 3 will be equal. 

However, the short-term wave count suggests that minor degree wave I is complete and wave II is possibly playing out. The low of wave iv of I i.e. 29909 will be the initial support level to watch out for in the near term.