MMA Weekly Report Nikkei Average Stock Price By Raymond Merriman Oct.2 2023

1. Review

The Nikkei Stock Average closed last week at 31,857, down 544 points from the previous week. The week's high was 32,722 on Monday the 25th. The week's low was 31,674 on Thursday the 28th. Although the week's low fell below the lower support line for the week, the closing value remained within the zone of the weekly lower support line, so overall it was quite bearish. Additionally, this closing value fell below the Weekly Trend Indicator Point ( TIP: last week 32,877) for the second consecutive week. However, the overall trend remains in a neutral state.

2. Cycles

As explained in “Forecast 2023,” there is a long-term 17-year cycle in the Nikkei Stock Average. The starting point is October 28, 2008 at 6,994. 2023 is its 15th year. This cycle is split into two halves by an 8.33-year cycle, with the first half ending at 14,864 on June 24, 2016 and 14,865 on February 12, 2016 forming a “double bottom.” From here, the second half (the 2nd to 8.33-year cycle) begins.

The continuation can be viewed in the PDF.

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