Equities have been endowed by their financial house creators and promoters  with great tax advantages by the legislatively bought and endorsed concept of after tax dollar investment – so that money made without societally useful work by the transgenerationally wealthy is taxed at a lower  rate than services and products produced by the working citizen. As well, the wealthy and financial houses have immediate access to borrowing for speculation. In a progressive society,  non work related gains would reasonably be taxed at least – at least – at a rate equivalent to the rate for gainful societally useful employment.

Equity valuations, now supported by the new US real bills doctrine,   by the existing unfair tax advantaged laws for speculation will proceed to the end their maximal time quantum based fractal extensions of x/2.5x/2-2.5x :: 11-12/27-29/22-27 days and 22/55/50-55 or so days.

The  US 156 year second fractal nonlinear end of composite equity valuations has always been expected to be exquisitely nonlinear.