MMA Weekly Report Nikkei Stock Average By Raymond Merriman Nov.21 2022

1. Review

Last week, the Nikkei Stock Average closed at 27,899, down 363 points from the previous week. The week's high was 28,305 on Monday the 14th. The week's low was 27,748 on Wednesday the 16th. Although the week's low touched the lower support line, it held, and at the close it fluctuated between the lower support line and the upper resistance line, remaining neutral. However, the sentiment was still strong. Moreover, since this closing price exceeded the weekly Trend Indicator Point (TIP) for six consecutive weeks, the underlying trend is considered to be an upward trend.

2. Cycles

As explained also in the December issue of 'Forecast 2023', the Nikkei Stock Average has a long-term market cycle of 17 years. The starting point is October 28, 2008, at 6,994, and 2022 marks 14 years from that starting point.

This cycle is divided into two parts in an 8.33-year cycle, with the first half ending at the double bottom of June 24, 2016's 14,864 and February 12, 2016's 14,865. The second half (the 2nd – 8.33-year cycle) has begun from here.

Please see the continuation in the PDF.

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