Nikkie at the bottom of 20-year channel

When looking at the market day to day, sometimes we forget that there are multi-year trading pattern. The classic case in point is the movement of Nikkie 225 since late 1980s. Essentially, it is trading within a multi-year channel (except-the-bubble years between 1988-90). The risk-reward on Nikkie looks like it is on the up-side - may be time to buy Nikkie LEAPs?