Chūgen Shun Report Nasdaq & Mothers No.119 May 29, 2023

＜Nasdaq＞

Medium- to long-term outlook (the 6.9-year and 26-month cycle bottom on October 13, 2022)

The long-term downtrend since November 2021 has ended. It is highly likely that the 6.9-year cycle bottom occurred on October 13, 2022 since February 2016. However, since a reasonable bottom for the 6.9-year cycle is January 2023 ±14 months, there remains a slight possibility that the next PC bottom could occur in the week of August 15 (July 19 to September 13), which would be the bottom of the 6.9-year cycle.

＜TSE Mothers＞

Medium- to long-term outlook (the 46-month cycle is a composite of the 15-month and 23-month cycles. Watch for a top of the long-term cycle)

June 2023 is the 12th month of the second 23-month cycle and the 8th month of the third 15.3-month cycle. If the 46-month cycle’s third 15.3-month cycle and the second 23-month cycle intersect at their centers, a top could occur anytime from May to August 2023. It is also possible that the 23-month cycle or the 15.3-month cycle topped in December 2022. The final bottom is expected around March 2024.

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