According to Elliott wave aficionados, the fifth wave of the upward phase of a market cycle, itself composed of five wavelets, is characterized by unpredictability and unusual exuberance. During these periods, financial reflation and its powerful wealth effects overwhelm structural economic factors, and even most economists start having trouble differentiating rationality from recklessness. Those who don’t are considered party-poopers; they become less and less audible. The bond markets and central bankers also generally jump on the bandwagon. This often marks the beginning of the end of the party.