Seems like the Nikkei is flirting with the upper bounds of its recent range. Are we looking at a classic blow-off top here, or is there still more steam in this rally before things get interesting? Always appreciate a good discussion on levels.
I'm seeing some of the same concerns regarding potential overextension, especially with the speed of this move. However, central bank support and a relatively positive economic outlook could still provide underlying strength. It'll be interesting to see if institutional buying continues at this pace or if we start seeing profit-taking.
I'm not seeing a clear blow-off top pattern yet; volume isn't spiking in that typical exhaustion way. It feels more like consolidation before another leg up, but a retrace to test the breakout level wouldn't surprise me.