Long chart like that doesn't work because of the scale. Maybe log chart would work better. If you use long time frames it always look like we are in a bubble because of exponential growth.I saw this chart a few days ago and I think it’s an increasingly likely scenario:
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Basically market is reverting to it pre “make it rain” trend. By end of year recessionary data should be reversing too.
Edit: Better explanation: that blue line in your chart assumes that stock market would rise X point amount per year (linear growth). This is false, as we know from history that the stock market rather rises X percentage amount (exponential growth) per year.
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