Possible Elliott Wave Position of World Stock Markets
Some Elliott Wave analysts believe that a Grand Super Cycle bear market in US and European stocks started in 1987 When that was proven incorrect it was later revised to be 2000 and then 2006. Others view the 2000-2002 bear market in US stocks and 2000-2003 bear market in European stocks as being of lesser degree, such as Primary, Cycle, or Supercycle.
If a Grand Supercycle bear market started in US and European stocks in 2000 then the bear market in stocks and general economic decline should be more severe than the Supercycle bear market of 1929-1932, and could possibly be much more severe.
In Asia the Japanese stock market the Nikkei 225 is still far below its late 1980s high of 38,957.44, reaching a 26 year low of 6994.90 in 2008 which is a bear market of Grand Supercycle scale. Other Asian indices such as the Chinese stock market the SSE Composite Index have dropped over 50% after reaching all-time highs in 2007, which is indicative of a bear market of at least Cycle scale being in progress.
During 2006-2007 the Dow Jones Industrial Average made a new all-time high, this has been interpreted by some Elliott Wave analysts as indicating that 2000-2002 was not the beginning of a Grand Supercycle bear market. However as this new high was merely a nominal new high in US dollars, and not a new high when measured in ounces of gold other Elliott Wave analysts believe this new high to be 'phony'. This later view is supported by the Global financial crisis of 2008, a major financial crisis being the worst of its kind since the Great Depression.
Read more about this topic: Grand Supercycle
Famous quotes containing the words wave, position, world, stock and/or markets:
“Great Powers of falling wave and wind and windy fire,
With your harmonious choir
Encircle her I love and sing her into peace,
That my old care may cease....”
—William Butler Yeats (1865–1939)
“On fields all drenched with blood he made his record in war, abstained from lawless violence when left on the plantation, and received his freedom in peace with moderation. But he holds in this Republic the position of an alien race among a people impatient of a rival. And in the eyes of some it seems that no valor redeems him, no social advancement nor individual development wipes off the ban which clings to him.”
—Frances Ellen Watkins Harper (1825–1911)
“If all the rich men in the world divided up their money amongst themselves, there wouldn’t be enough to go round.”
—Christina Stead (1902–1983)
“There exists, between people in love, a kind of capital held by each. This is not just a stock of affects or pleasure, but also the possibility of playing double or quits with the share you hold in the other’s heart.”
—Jean Baudrillard (b. 1929)
“When the great markets by the sea shut fast
All that calm Sunday that goes on and on:
When even lovers find their peace at last,
And Earth is but a star, that once had shone.”
—James Elroy Flecker (1884–1919)