The construction of this last figure was suggested to us by several readers of our webpage. The idea is that it may be informative to view the antibubble from the perspective of a european investor or more generally a foreigner invested in euros. This idea is interesting because it connects with the fueling impact of foreign investments on US markets, as we document in a recent publication D. Sornette and Wei-Xing Zhou, Evidence of Fueling of the 2000 New Economy Bubble by Foreign Capital Inflow: Implications for the Future of the US Economy and its Stock Market, Physica A (http://arXiv.org/abs/cond-mat/0306496). This last figure shows the S&P 500 expressed in US dollars and in euro, together with their fit. The fit in magenta of the S&P 500 in US dollars is the same as the continuous black line in Figure 2. Not surprisingly, the two fits are similar, but the amplitude of logperiodicity is larger when the S&P 500 is expressed in euro. Note also the lag consistent with Figure 8. However, the drop predicted to occur soon could be due in part to a fall of the dollar.

 

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