Below are the upside resistance targets based on the work of Edson Gould and applied to the Nikkei 225 Index from 1989 to 2020.
As can be seen based on the conservative upside target of 22,983.45, once the level of the index got to the 22,937.60, there was a trading range established with a significant downside move before breaching the 28,401.78 mid-range target.
The new upside resistance level to watch for is 28,401.78. At this point, we should expect similar price action of trading in a range and/or declining sharply before the next surge to the upside.