NIKKEI 225 formed a wolfewave and made a good move below the line 2-4 being supported by medium .
Opened sell position, but as the price bounced from fibo fan 61.8, it may retrace to line 2-4 later. If so and supported by divergence/volume, this can become an opportunity for more shorts.
Today, it bounced back and currently, NIKKEI is staying in range without any attempts to breakout in any direction.
It is possible that the opportunity to re-open shorts will appear later if orange minor WW will be formed and the move after formation of point 5 (orange) will be supported by divergence/VOL/news or data.
Current 5-2 is the last opportunity for purple grand pattern to fulfill its primary goal (point 6). If 5-2 is being broken, the pattern is no more valid.
RSI divergence is supporting new wave.
The volume doesn't demonstrate it clearly and along with global stocks fall, may be (hopefully! :-)) will break this formation and keep downtrend.
But if anyone is following this or similar setup and want to be safe, I would recommend to close/put SL at breakeven (at least most of) positions with little profit.
Wolfe Vs Wolfe is always risky battle ^^