MMA Weekly Report Nikkei Average Stock Price By Raymond Merriman Oct.31 2022

1. Overview

Last week, the Nikkei Stock Average closed at 27,105, up 214 points from the previous week. The week's low was 26,974 on Monday the 24th. The week's high was 27,578 on Wednesday the 26th. Although the week's high surpassed the upper resistance line, the closing price moved between the weekly lower support line and the upper resistance line, making it a bearish trigger. However, because this closing price exceeded the Weekly Trend Indicator Point (TIP) for the third consecutive week, the underlying trend was upgraded from “neutral” to “uptrend.”

2. Cycles

As explained in my book “Forecast 2022,” there is a long-term market cycle of 17 years in the Nikkei Stock Average. The starting point is October 28, 2008, at 6,994, and 2022 marks 14 years from the starting point.

This cycle is divided into 8.33-year segments, with the first half ending at the “double bottom” formed by June 24, 2016’s 14,864 and February 12, 2016’s 14,865. The second half (the second 8.33-year cycle) has begun.

The continuation can be viewed in the PDF.

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