Investors continue to buy shares with borrowed funds as they did 300 years ago with the South Sea Company. When prices started to fall in the last half of 1720 speculators went bankrupt and fortunes were lost. The structure shown above represents the Dow from 1973, after the U.S. went off of the gold standard, until February 2020. Timelines for developing the 1720 and 2020 price structures are vastly different, but the chart structures are similar and the underlying element of excessive debt that drives this market is identical.
Intermarket structural analysis research
