MMA Weekly Report Nikkei Stock Average By Raymond Merriman Oct.20 2025

1. Review

The Nikkei stock average ended the week at 47,582, down 506 points from the previous week. The week's low was 46,544 on Tuesday, October 14. The week's high was 48,317 on Thursday, October 16. Although the week's low fell below the weekly downside support line, the closing price was above it, forming a bullish trigger. Therefore, the bullish sequence remains in progress. In fact, this closing price was above the Weekly Trend Indicator Point (TIP) for 21 of the 22 weeks, indicating that the overall condition remains in an "upward trend" state.

2. Cycles

As I explained in my book Forecast 2025, there exists a long-term market cycle of 17 years for the Nikkei average. Its starting point was October 28, 2008, when it reached 6,994. This cycle is split into two by an 8.33-year cycle, with the first half ending at the “double bottom” of 14,864 on June 24, 2016 and 14,865 on February 12, 2016. From here, the second half (the 2nd – 8.33-year cycle) began. 2025 is the 17th year of the 17-year cycle.


Please see the PDF file for the continuation.


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