Nikkei is still my bet

 My interest last week indicated that Nikkei seems to be the counter out of the three with indication of reversal. So one week has past, what are the developments this week? 

Fig 1 Hang Seng, Dow Jones and Nikkei weekly chart

Dow Jones is supported by its 144-week moving average. On top of that, it is reaching its 100% projection support. There is a tendency for this counter to pause in its descend. However, what do I think its trend? 

There are some conflicting indication for my system. On one hand, I am seeing a steep decline the last few weeks, meaning that there is momentum on the down slide. 

One the other hand, the higher levels moving averages are still aligned for up-trend. It is possible that we are not yet seeing a reversal for Dow Jones, but more of a correction.

What about Hang Seng, the moving averages are maintaining their alignment of down slide even though it is the second week that Hang Seng turned green. It is presently resisted by its 8-week moving average. 

While the decline is more gentle after the last up-surge, never-the-less, we won't see a  so call "V" shape recovery. We should see some congestions for Hang Seng before reversal is possible, or in other words, it needs time for bottom forming. 

My feel is that its first climb should reverse after touching 55-week moving average.

I am still bullish for Nikkei, it was supported by 144-week moving average last week. However, it failed to climb this week. So what am I expecting for this counter?

To start with, just like that of Dow Jones, the higher levels moving averages are still strong on up-slide, even though the lower levels are crossing downwards. 

I feel that while there are signs of reversal, such as a more gradual descend and moving average support. The 2 weeks drop since 27th March 2022, is quite significant before its congestion. It is still showing signs that it is not ready to go up yet and there is still one more leg down. I might see some support between 24,713 to 25,373.