MMA Weekly Report Nikkei Stock Average By Raymond Merriman Aug.13 2024

1. Review

The Nikkei Stock Average closed last week at 35,025, down 884 points from the previous week. The week's low was on Monday, August 5, at 31,156. The week's high was on Wednesday, August 7, at 35,849. Although the week's low fell below the weekly downside support line, it recovered by the close, which is a bullish trigger. However, the sequence of weakness is still expected to continue. In fact, this closing price has fallen below the Weekly Trend Indicator Point (TIP) for four consecutive weeks. Therefore the underlying trend remains in a “downtrend.”

2. Cycles

As I explain in my book “Forecast 2024,” the Nikkei Stock Average has a long-term market cycle of 17 years.

Its starting point is October 28, 2008, at 6,994. This cycle is divided into two 8.33-year cycles, with the first half ending at the “double bottom” of 14,864 on June 24, 2016 and 14,865 on February 12 of the same year. From here the second half (the 2nd-8.33 year cycle) begins. Therefore, 2024 corresponds to the 16th year of it.

For the continuation, please refer to the PDF file.

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