MMA Weekly Report Nikkei Stock Average By Raymond Merriman Sep.26 2022

1. Review

The Nikkei Stock Average closed last week at 27,153, down 413 points from the previous week. The weekly high was on the 20th (Tuesday) at 27,907. The weekly low was on the 22nd (Thursday) at 26,955. Although the weekly close fell below the weekly downside support line, it stayed within the area of the weekly downside support line, so we remained largely bearish for two weeks in a row. However, this close was below the Weekly Trend Indicator Point (TIP) for four consecutive weeks, so the underlying trend remains in a “downtrend” state.

2. Cycles

As explained in my book Forecast 2022, the Nikkei Stock Average has a long-term market cycle with an 17-year period. Its starting point is 6,994 on October 28, 2008, and 2022 is the 14th year from that starting point.

This cycle is divided into two parts by an 8.33-year cycle, with the first 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.

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