Nakahara Shun Report Nasdaq & Mothers No.110 March 27, 2023

＜NASDAQ＞

Medium-to-long-term outlooks (bottoms of the 6.9-year and 26-month cycles on 22-year 10-month 13-day)

The long-term downtrend since November 2021 has ended. The 6.9-year cycle likely bottomed on 22-year 10-month 13-day. However, the reasonable bottom of the 6.9-year cycle is January 2023 ±14 months, so there remains a slight possibility that the next HPC bottom could occur around the week of March 18 (± four weeks: February 20 to April 13). Yet, based on the weekly chart pattern, that possibility is small.

＜Tokyo Stock Exchange Mothers＞

Medium-to-long-term outlook (the 46-month cycle comprises either three 15-month cycles or two 23-month cycles. The third 15.3-month cycle is starting)

The 15.3-month cycle bottom is assumed to be October 3. In February, the third 15.3-month cycle within the 46-month cycle is in its fourth month, so there should still be room for further gains. From March to April, bullishness remains. However, please note that the bottom of the 15-month cycle may still extend to around March.

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