Changing Social Mood
Monday, March 30th, 2009Top news in the US this morning is Obama’s response to the carmakers slowness to restructure. Americas mood is turning, from hope that the Government can bailout the economy, to distaste and anger at the behavior of those receiving Government money.
Last month there was the scandal of Wells Fargo accepting bailout money then throwing a lavish party with Sheyl Crow entertaining and guests receiving Tiffany gift bags. Then there was the AIG bonuses scandal, for none other than their Financial Services Division who got the giant into the mess in the first place. Now it’s the carmakers turn.
When this financial crisis reached high enough for the slow cumbersome Government to become involved, the public mood was different. The public reasoned the banking and financial system needed help or we would all sink together, and bailouts were seen in a more positive light. Now the mood has changed.
We have been in a downwards cycle for a while now, and this cycle is made up of three main parts. The Elliott Wave Principle has three waves down, with A being down, B an upwards retracement and C the main wave downwards. Each part of this sequence has its own personality.
