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:
“Now I stand as one upon a rock,
Environed with a wilderness of sea,
Who marks the waxing tide grow wave by wave,
Expecting ever when some envious surge
Will in his brinish bowels swallow him.”
—William Shakespeare (1564–1616)
“I repeat, sir, that in whatever position you place a woman she is an ornament to society and a treasure to the world. As a sweetheart, she has few equals and no superiors; as a cousin, she is convenient; as a wealthy grandmother with an incurable distemper, she is precious; as a wet-nurse, she has no equal among men. What, sir, would the people of the earth be without woman? They would be scarce, sir, almighty scarce.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“This is the greatest week in the history of the world since the Creation, because as a result of what happened in this week, the world is bigger, infinitely.”
—Richard M. Nixon (1913–1995)
“I have, thanks to my travels, added to my stock all the superstitions of other countries. I know them all now, and in any critical moment of my life, they all rise up in armed legions for or against me.”
—Sarah Bernhardt (1844–1923)
“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)