Double-Top Rejection at Triple-Fibonacci Resistance for Japan’s Nikkei Index

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It’s been awhile since I wrote about Japan’s Nikkei Index (NKD)…July 31st at this link.

After an initial drop at the right shoulder of a Head and Shoulders formation that was in play at the time, price rallied and has, once more, pulled back at the confluence of a double-top price level and triple-Fibonacci resistance level, as shown on the following Weekly chart.

Failure to hold its current level of 15,000 could, potentially, send price tumbling to around the 13,700 major support level, or even 12,600. Alternatively, watch for any increase in volumes on rallies…otherwise they may simply be dead-cat bounces, as has been the case since November of 2013.