Elliott Wave view on Nikkei (NKD_F) suggests the rally to 24148 on December 17, 2019 ended wave ((1)). Index is now doing a wave ((2)) pullback and the internal is unfolding as double three Elliott Wave structure. Wave ((2)) pullback should correct the entire rally from August 26, 2019 high before Index resumes higher again later. Structure of the decline from December 17 high looks corrective which favors the idea the decline is a correction instead of a new bearish cycle in larger degree perspective.
Down from 24148 high, wave W ended at 23320 as a zigzag. Wave ((a)) of W ended at 23710 and wave ((b)) of W bounce ended at 23960. Index then resumed lower in wave (©) of W which ended at 23320. Bounce to 23800 ended wave X and wave Y lower ended at 22950 as another zigzag structure. Wave ((a)) of Y ended at 23170 and wave ((b)) bounce ended at 23570. Wave (©) of Y ended at 22950 which also completed wave (W) in larger degree. Expect the Index to bounce in wave (X) to correct cycle from December 17, 2019 high before the decline resumes. As far as pivot at 24148 high stays intact, expect the rally to fail in 3, 7, or 11 swing for further downside.
Nikkei (NKD_F) 1 Hour Elliott Wave Chart