Prechter has this entire wave since the 2009 bottom as a "b" wave, meaning it's a headfake. Totally unsupported by economic fundamentals. It's fake to you and me, to everyone else it's the almighty consumption oriented "status quo". And they've bound their fate to it...
(logarithmic to indicate relative percentage)
It didn't have to be this way, but it is. If this society had any recollection whatsoever as to how they get serial ass raped by the same Bernie Madoffs over and over again, this wouldn't have to happen.