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On December 29th, 1989, the Nikkei had seen stunning 392% gains in a period of just six years. Market chatter at the peak was just as bullish as ever. From a Wall Street Journal article published Jan 2nd, 1990: 
“We’re looking for another good year,” says Lawrence S. Praeger, chief strategist for Nikko Securities Co… 
“The outlook is extremely good,” says Pelham Smithers, a research analyst at Shearson Lehman Hutton Inc.’s Tokyo office. Even the risk of a long-term decline, he notes, appears more limited than it was in 1989… 
Question becomes is the Nikki making lower highs & lows, or is it reversing back into an uptrend? 1/12/15