MMA Weekly Report Nikkei Average Stock Price By Raymond Merriman Oct.30 2023

1. Review

Last week the Nikkei 225 ended at 30,991, down 267 points from the previous week. The week's low was on the 24th (Tuesday) at 30,551. The week's high was on the 25th (Wednesday) at 31,466. Although the weekly low breached the lower support line, the close price was above it, which acted as a bullish trigger. However, since this closing price was below the Weekly Trend Indicator Point (TIP) for six of the last seven weeks (last week TIP was 31,629), the underlying trend remains in a “bearish” state.

2. Cycles

As explained in the December 2023 issue of ‘Forecast 2023,’ there is a long-term 17-year cycle in the Nikkei 225. Its starting point is October 28, 2008, at 6,994. 2023 marks the 15th year of this cycle. This cycle is divided into two halves by an 8.33-year cycle, with the first half ending at the “double bottom” between 14,864 on June 24, 2016 and 14,865 on February 12, 2016. The second half (the 2nd to the 8.33-year cycle) has now begun.

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