The NIKKEI(225), which is in one of the more interesting chart patterns I have seen recently, again held right at the major triple bottom that has developed since December. The saying is “You keep banging against a major area and eventually it will break.” However, there are several factors that may make the break short-lived. 1) On a short term basis, a BULLISH COAT developed on yesterday’s trade which indicates there may be a positive tone to tomorrow’s trading. 2)On a longer term basis, an oversold condidtion is in effect. This may be relevant because after all this trend is +757 and a COUNTERTREND MOVE at this point is logical. Of course if this happens, the range for the real breakout will have expanded. One other factor that is relevant to this situation is the strength of the yen.
