Our latest Elliott Wave Financial Forecast updated its warning about green euphoria, specifically focusing on the electric vehicle market:
The chart below of the S&P Kensho Electric Vehicles Index shows the basic profile in many electric vehicle stocks. In March 2021, EWFF forecast a reversal in electric vehicle shares, citing an “unbridled financial excitement” surrounding “the green technology space.” EWFF stated, “The electric vehicle market is another green ‘money machine’ that will ultimately empty the pockets of adherents.” After rising 480% from March 2020 to February 2021, the Electric Vehicles Index experienced a steep decline of 71%, registering a new low on March 31 [, 2025]:
In 2021, the stock market was more like a big party. As the steep price declines in speculative issues unfurled, the frat house frivolity melted away, as did the sense of a higher social purpose.
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