by Bob Stokes
Updated: February 27, 2017
[Editor's Note: The text version of the story is below.]
Few things are more attention-grabbing than a brand new skyscraper. This especially applies to buildings that set a record for height or have a unique twist.
Of course, as they say, timing is everything. When architect David Fisher made a bold proposal to build a unique skyscraper in 2008, during the worst bear market since the Great Depression, his idea for a rotating building in Dubai fell on deaf ears.
But things have changed.
A Feb. 20 CNN headline and excerpt read:
World's first rotating, shape-shifting tower planned for Dubai
[Architect David] Fisher envisions an 80-story, 1,273-foot tower in Dubai with floors that can rotate 360 degrees in both directions.
The "Dynamic Tower" is expected to be complete by 2020 and an image is below:
It will not be the world's tallest building, but the project is a reminder of the same daring psychology that drives people to build skyscrapers in the first place .
Our March 2016 Elliott Wave Theorist showed this chart and said:
In his 1947 book, Cycles: The Science of Prediction, Edward R. Dewey expanded upon the “skyscraper indicator,” which proposes that tall buildings are built at the end of economic booms. … That is the time when they can ordinarily be most easily financed.
"But why investors and bankers should be so eager to risk their money at the very time the risk becomes unduly heightened is a mystery our statistics do not explain."
Thanks to the discovery of socionomic causality [i.e., that social mood drives social action and not the other way around – Ed.] , the mystery has since been solved. … "At social mood peaks," wrote Robert Prechter, "the impulse to build shows up in the construction of record-breaking buildings."
Work is now underway on Kingdom Tower in Saudi Arabia. Also known as Jeddah Tower, it will be the world's tallest building with a height of 1km when it's completed in 2018.
Yet, the "skyscraper indicator" is only one sign that today's historic financial optimism is nearing a peak.
Indeed, the Elliott wave structure of the Dow Industrials is also sending a message that is worth paying attention to.