3rd May, 2018

MARKET MOVEMENT MYSTERY:

Alternative Trend Analysis
Forecasting Asian stock market
on “Ichimoku”

DZH Financial Research, Inc.

Yukitoshi Higashino, MFTA ®
NTAA Director
Speaker Profile

Yukitoshi Higashino, MFTA

NTAA Director / DZH Financial Research, Chief Technical Strategist of

the Equity Research team

Yukitoshi is Chief Technical Strategist of the Equity Research team at DZH

Financial Research, an investment information firm located in Tokyo, as Shanghai
DZH Limited group. He leads development of technical strategies for client
securities firms dealing in futures, ETFs, and CFDs. His main responsibilities
range from analysis of major indices of the Asian and world markets and can
extend to even individual stocks. Prior to this, he was a stock lending trader for
foreign securities houses and a treasury stock trader for Mizuho Trust Bank. He
was also an equity trader and a market analyst at securities firm. Yukitoshi serves
as a Director of the Nippon Technical Analysts Association (NTAA) and the head
of international business development Dept.

The information contained in this presentation is intended only for the person or entity. Any review, retransmission, dissemination or copying of this presentation by persons or
entities other than the intended recipient is strictly prohibited without notifying to the author. This presentation is for informational purposes only and does not and is not intended to
constitute investment advice or an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All market prices, data
and other information are not warranted as to completeness or accuracy and are subject to change without notice.
1
The three basic principles of Ichimoku

Price Time

Wave

Wave

Time Price

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2
Waves Structure Principles

I wave V wave N wave

Top forming pattern Consecutive N waves

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constitute investment advice or an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All market prices, data
and other information are not warranted as to completeness or accuracy and are subject to change without notice.
3
 Price Projection-1

V=B+（B－C） V projection

V A

B = C

= =
B
C =
A V

The target to sell half of the position

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entities other than the intended recipient is strictly prohibited without notifying to the author. This presentation is for informational purposes only and does not and is not intended to
constitute investment advice or an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All market prices, data
and other information are not warranted as to completeness or accuracy and are subject to change without notice.
4
 Price Projection-2

N=C+（B－A） N projection

N A

B C
= =

=
= B
C

A N

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entities other than the intended recipient is strictly prohibited without notifying to the author. This presentation is for informational purposes only and does not and is not intended to
constitute investment advice or an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All market prices, data
and other information are not warranted as to completeness or accuracy and are subject to change without notice.
5
 Price Projection-3

E=B+（B－A） E projection

E A

C
=
B
=

B
= =
C

A E

The target to sell all the positions

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entities other than the intended recipient is strictly prohibited without notifying to the author. This presentation is for informational purposes only and does not and is not intended to
constitute investment advice or an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All market prices, data
and other information are not warranted as to completeness or accuracy and are subject to change without notice.
6
 Price Projection-4

NT=C+（C－A） NT projection

A
NT

B =C
=
C =
= B

NT
A

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entities other than the intended recipient is strictly prohibited without notifying to the author. This presentation is for informational purposes only and does not and is not intended to
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7
 Astra International
(Daily chart)
V: 9700
E: 9250 9350

E: 8775 N: 8875 8875

975 8750

1850 8275 1725

1900 7850 1725 1125
975
7625
6875 1850 7300 1125
2875 1725 N: 7025
V: 6500
1900 6000
2875 E: 5900

4975

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entities other than the intended recipient is strictly prohibited without notifying to the author. This presentation is for informational purposes only and does not and is not intended to
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and other information are not warranted as to completeness or accuracy and are subject to change without notice.
8
Bank Rakyat Indonesia
（Monthly chart, Middle of V and N)
3920 N: 4045
(3785+4045)/2=3915 V: 3785

1095
2690

1095 2450
2450
1595

240

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entities other than the intended recipient is strictly prohibited without notifying to the author. This presentation is for informational purposes only and does not and is not intended to
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and other information are not warranted as to completeness or accuracy and are subject to change without notice.
9
Four times higher is the target in a big move up

3E projection

A C
3E
=
=
B
= =
B = =
= =
A C 3E

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10
“Basic number”-based projection

C
Add a Basic number

A Add a Basic number Reverse or

Add a Basic number
Accelerate?

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11
 “Basic numbers”

“Basic numbers” to be used with daily data

Basic number Comments

9 Useful for calling intermediate tops/bottoms
17 Useful for calling intermediate tops/bottoms
26 Useful in up markets
33 Particularly useful in down markets
42 Very important in both up and down markets
51
65 More useful in up markets than in down markets
76 More useful in up markets than in down markets
129 More useful in up markets than in down markets
172 More useful in up markets than in down markets

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entities other than the intended recipient is strictly prohibited without notifying to the author. This presentation is for informational purposes only and does not and is not intended to
constitute investment advice or an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All market prices, data
and other information are not warranted as to completeness or accuracy and are subject to change without notice.
12
 CIMB
(Daily, Basic number-based projection )
Source: Bloomberg

(2015/12/9-2017/8/28) 105

83

53

76 43
73

61 64
26
34
42
10
18
26

18

9 132

9 17 9

127

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entities other than the intended recipient is strictly prohibited without notifying to the author. This presentation is for informational purposes only and does not and is not intended to
constitute investment advice or an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All market prices, data
and other information are not warranted as to completeness or accuracy and are subject to change without notice.
13
“Time parity”-based projection

(4)

D
(1) (1)
(2) (2)
Reverse or
(3) (3)
(4)
Accelerate?

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14
Basically 9 patterns of “Time parity”

I ＝V V＝V N＝V
=

=
I ＝I I ＝V I ＝N
V＝I V＝V V＝N
N＝I N＝V N＝N

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entities other than the intended recipient is strictly prohibited without notifying to the author. This presentation is for informational purposes only and does not and is not intended to
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15
CIMB
(Daily, Time parity-based projection )
(2017/5/29-2018/3/20) 52 51 51
4/13
111 111
4/27
84 84
3/21
75 74

56 54

84
17 17 4/12 5/22
111

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entities other than the intended recipient is strictly prohibited without notifying to the author. This presentation is for informational purposes only and does not and is not intended to
constitute investment advice or an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All market prices, data
and other information are not warranted as to completeness or accuracy and are subject to change without notice.
16
 Coincidence point of time and price is the
important Reversal date
“Basic number”-based projection 76 Reverse or Accelerate?

(9, 17, 26, 33, 42, 51, 65, 76, 83, 97, 101, 129…) ＝ 65

＝
42

＝
price
＝ time

26

“Time parity”-based projection 168 (4)

＝
(1)53, (2 )53+29-1, (3)29+88-1, (4)53+29+88-2 116 (3)
＝
81 (2)
Reverse or Accelerate?
＝ 53 (1)
29
88 53 ＝
price
＝
168 (53+29+88-2) time

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entities other than the intended recipient is strictly prohibited without notifying to the author. This presentation is for informational purposes only and does not and is not intended to
constitute investment advice or an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All market prices, data
and other information are not warranted as to completeness or accuracy and are subject to change without notice.
17
Singapore Telecom
(Weekly, Price and Time projection )
63 (2013/12-2017/1)
V: 4.53 27
4.57
28 26

0.45
37 N: 4.35 4.36

26
0.61
4.08 0.53
3.99

0.53
0.45 3.74
67

3.63
0.61

V: 3.38 3.38
42 44

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entities other than the intended recipient is strictly prohibited without notifying to the author. This presentation is for informational purposes only and does not and is not intended to
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18
Jakarta Composite Index
(Monthly, Price and Time projection )
84 6693
3V:8085 ← 2V:6336 79 79

～
2021.10

～
2E:8004 ← E:5421 29 30

5524
1749 5251

2583 4195
1749
113
4033
113 3837
33
2838 2018.5
42

～
～
2019.2
51

～
～ ～
2019.11
65

～
2021.1
2583 1749 76

～
～
2021.12
79

～
2022.3

～
84
1089

～
～
2022.8
129

～
～
2026.5
255.4
122 122
2018.11

The information contained in this presentation is intended only for the person or entity. Any review, retransmission, dissemination or copying of this presentation by persons or Source: Bloomberg
entities other than the intended recipient is strictly prohibited without notifying to the author. This presentation is for informational purposes only and does not and is not intended to
constitute investment advice or an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All market prices, data
and other information are not warranted as to completeness or accuracy and are subject to change without notice.
19
 Straits Times Index
(Monthly, Price and Time projection )
3831 34 34
2018.11
V: 4570 N: 4622 25 24

3611
3464 3549
3313
1021

2953
2608

2521 2528 74

～
～
2022.3
73 74 74
2021.5

～
～
53 53
2020.6

～
～ ～
64 64

～ ～
2021.5
54 54

～
2020.7
2094
1473 1455

1170 111 111

2018.5

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entities other than the intended recipient is strictly prohibited without notifying to the author. This presentation is for informational purposes only and does not and is not intended to
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20
Malaysia Composite Index
(Monthly, Price and Time projection )
N: 2064 V: 2247 E: 2787 V: 2289 1896
NV: 2155 NE: 2425 VE: 2517
122

113
1597
38
1524 393
37
E: 1781 1503
1332 N: 1307
1278
1310
Middle 1544
1021 48 48

～
2019.7

～
92 92

～
～
2023.3

801 70

～
～
2021.5
70 70

～
～
2020.4
547 83
82 83

～
～
2022.6
113
2018.2
122
261 2018.11
57 57 57 169

～
～
2022.1

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21