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:
“Well, from what you tell me I should say that it was not only a landslide but a tidal wave and holocaust all rolled into one general cataclysm.”
—William Howard Taft (1857–1930)
“Explore, and explore. Be neither chided nor flattered out of your position of perpetual inquiry. Neither dogmatize, or accept another’s dogmatism.”
—Ralph Waldo Emerson (1803–1882)
“Anthropologists have found that around the world whatever is considered “men’s work” is almost universally given higher status than “women’s work.” If in one culture it is men who build houses and women who make baskets, then that culture will see house-building as more important. In another culture, perhaps right next door, the reverse may be true, and basket- weaving will have higher social status than house-building.”
—Mary Stewart Van Leeuwen. Excerpted from, Gender Grace: Love, Work, and Parenting in a Changing World (1990)
“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)
“A free-enterprise economy depends only on markets, and according to the most advanced mathematical macroeconomic theory, markets depend only on moods: specifically, the mood of the men in the pinstripes, also known as the Boys on the Street. When the Boys are in a good mood, the market thrives; when they get scared or sullen, it is time for each one of us to look into the retail apple business.”
—Barbara Ehrenreich (b. 1941)