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:
““Speaking of contraries, see how the brook
In that white wave runs counter to itself.
It is from that in water we were from
Long, long before we were from any creature.”
—Robert Frost (1874–1963)
“One reason—perhaps the chief—of the virility of the Roosevelts is [their] very democratic spirit. They have never felt that because they were born in a good position they could put their hands in their pockets and succeed. They have felt, rather, that being born in a good position, there is no excuse for them if they did not do their duty by the community.”
—Franklin D. Roosevelt (1882–1945)
“For me, the child is a veritable image of becoming, of possibility, poised to reach towards what is not yet, towards a growing that cannot be predetermined or prescribed. I see her and I fill the space with others like her, risking, straining, wanting to find out, to ask their own questions, to experience a world that is shared.”
—Maxine Greene (20th century)
“I consider that a man’s brain originally is like a little empty attic, and you have to stock it with such furniture as you choose.”
—Sir Arthur Conan Doyle (1859–1930)
“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)