Last weeks candle is an outside reversal, thats generally a bearish sign, coupled that with a 5 wave looking decline to complete an impulse from 23049, things are look good for the bears. I would like to see a bit more upside to correct some of the decline from last weeks decline, that can offer a setup to sell against 23049 stops (or the equivalent on the futures contract).

Whilst we also saw some weakness on European markets, the US markets held up better, so if you are looking for opportunities to sell, then move to markets that have clear patterns. With the current wave count we are watching on the NIK-225 as well as the outside weekly reversal and impulse wave from 23049, it looks like the bears are about to get things moving against to the downside.

The last time I was bearish on the NIK-225 it yielded a 3000 point drop. See here CLICK HERE

If I correct on my current wave count, then the next decline is a far bigger decline that should take prices well below 18000.

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