MMA Weekly Report Nikkei Stock Average By Raymond Merriman Aug.15 2022

1. Review

Last week the Nikkei Stock Average closed down 371 points at 28,546 versus the previous week. The week's low was 27,729 on Wednesday the 10th, and the week's high was 28,546 on Friday the 12th. Although the week's low fell below the daily support line, it rebounded. Since the closing price for the week surpassed the weekly resistance line, the trend remained extremely bullish for the second week in a row. Furthermore, because this closing price also exceeded the weekly Trend Indicator Point (TIP) for the sixth consecutive week, the underlying trend remains in an “uptrend” state.

2. Cycles

As explained in my book Forecast 2022, the Nikkei Average has a long-term market cycle of 17 years.

Its starting point is October 28, 2008, at 6,994, and 2022 marks 14 years from that starting point.

This cycle is divided into two by an 8.33-year cycle, with the front half ending at the double bottom formed by 14,864 on June 24, 2016 and 14,865 on February 12 of the same year. The second half (the 2nd-8.33 year cycle) has begun from here.

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