If we look at the inflation-adjusted S&P 500 (S&P denominated by the Consumer Price Index), it indicates that if we disregard the inflationary decay in the domestic purchasing power of the U.S. Dollar from then until now, then the S&P has still not reached a new high since the year 2000.
In Elliott Wave terms, the price action of the U.S. equities markets since the peak in 2000 has been corrective. It is more clear to see in the inflation-adjusted equities charts. The present wave structure is most probably a "flat" (or perhaps an "expanded flat"). In either scenario, the price at this level would not be expected to exceed the peak of the previous wave (or at least not exceed it significantly) and the subsequent downturn (in wave C) should meet (or perhaps somewhat exceed) the extreme of the previous one (wave A).
In Elliott Wave terms, the price action of the U.S. equities markets since the peak in 2000 has been corrective. It is more clear to see in the inflation-adjusted equities charts. The present wave structure is most probably a "flat" (or perhaps an "expanded flat"). In either scenario, the price at this level would not be expected to exceed the peak of the previous wave (or at least not exceed it significantly) and the subsequent downturn (in wave C) should meet (or perhaps somewhat exceed) the extreme of the previous one (wave A).
