Equity indexes could continue to rise into 2022, in nominal terms at least.
Equity markets have been consolidating since early September. This countertrend should find closure over the next week to 10 days (3 to 5% remaining downside risk).
Following that, Global Equity markets could build a base until early/mid December and then rise into next year.
Our long term bi-monthly graphs suggest 15-20% upside potential into late 2021 / 2022.
Europe may gradually start to reverse up vs the US from early next year on a long term relative basis, while China has probably already started to do so.