Let's do a Nikkei 225 up-date

It is an uneventful eek this week....Well not very uneventful. something did happen on Hang Seng on Monday after the closing of the 20th People General Assembly on Sunday.  ALL CHINA RELATED MARKET FELL HARD! However, it is still in he direction of my prediction in The HSI monthly chart, After thought of HKD and China indices and Contradiction, contradiction...... So not much to talk about for the time being.

I have also done an up-date on Dow Jones Industrial Index (DJIA) last week with Is Dow Jones reversing again?. DJIA reached the 55-week moving average this week, moreover, it crossed and stayed above the level, and the bar is longer than the previous week, seems like the momentum is getting stronger. I guess 

Guess I will only have one counter to up-date then, Nikkei 225.

 Fig 1. Nikkei weekly Chart

To be honest, I am a little reluctant to discuss about Nikkei 225 here. It is still in a potentially counterwave. While it has moved up this week, it failed in testing Nikkei heading lower is high. 

Where will it go? 

I am not sure if I have given an update on this, using projection measurement, its next level of support lies between 23,108 to 25,444.

Duing its last few lows, it was supported by 144-week moving average and managed to stay above the retracement support at 25,292. Considering the present setup, it is possible the next round of downslide will break this leveland head for the retracement between 21,874 and 23,567.

Matching the result of both measurements, I think the 23,108 to 23567 is highly likely. 

What about the other way? I would consider the Bollinger envelop at 29,062 to be the resistance.