Looking at the severity of the selloff in the financial crisis of 2008, it is possible that the financial sector – represented here by IYG and BKX hit a Grandsupercycle (V) Top in 2007. Since then we have traced out (A) wave down with wave (C) to come. The real estate sector IYR also topped out with the rest of the financial sector. The Financials weighting in the S&P500 at 2013 year-end is 16.1%.
For other mainly non-bank financials (Insurance, Credit Cards, REITs, Money Managers), the Supercycle Top was only reached in 2014. BRK A ($317bn), AXP ($93bn), SPG ($53bn), BLK ($50bn), TRV ($31bn), DFS ($26bn), CB ($23bn).