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www.elliottwave.com/wave/SOTGM2016

The State of the Global Markets

Report—2016 Edition

Source: The State of the Global Markets Report—2016 Edition

Global Shift Toward Financial Conservatism From The State of the Global Markets Report—2016 Edition: "The End of the Mania Era, a Global Snapshot"

Signs 4 of the

The IPO Party

Cycle is Over

The Elliott Wave Financial

Forecast identified the IPO

market as ripe for reversal in

the fall of 2014. Citing a

“euphoria” surrounding

Alibaba, which remains the

largest IPO ever, EWFF noted

a similarity to the record-

setting deals that hit the

market in November 1999

and March 2008. After each

ebullient period, the overall

market fell sharply.

u

Investors are

Turning Away

from Risk

The relationship between the

MSCI Emerging Markets

Index and the MSCI World

Index shows a trend away

from risk that will gradually

widen into a trend out of all

equities.

v

Waning

Enthusiasm

for Share

Buybacks

For companies issuing

buyback announcements

“cheers invariably turn to

jeers” as the stock market

reverses from up to down. In

the first three quarters of

2015, buybacks were the

strongest since the record

year 2007, when stocks made

a major top.

w

M&A Activity

Hits Record

Highs

Corporate mergers are

another peak-market metric

that generally moves to

record levels as stocks

complete major bull markets.

According to Dealogic, the

current record total marks a

38% increase over the same

period in 2014. The prior

record of $3.9 trillion came as

stocks topped in 2007.

x

Bear markets move fast and are

intensely emotional; investors

and traders who are prepared

have greater opportunities on the

downside than on the upside.”

Robert Prechter President, Elliott Wave International