No, it's the start of the third wave.
The first wave (down) began in July 2007, ending in March 2009.
The second wave (up) began March 6, 2009 and ended October 21.
Each turn was noted at the time by way of a complete internal formation.
Wave three (down) will be harsher than the devastation of wave one down.
Whatever...
The world is not ending; that's ridiculous.
But a lot of things will come to end, like the massive debt overhanging the world's economy's. The rush will be to sell assets to cover debt.
Given the lion's share of the world's debt is denominated in USDs, the USD will be in demand.
You pay back debt denominated in dollars with dollars, not oranges or fig leaves...or IOUs on real estate or anything else that has been inflated with credit these last 25 years.
Credit withdrawal is the opposite of credit expansion. The latter is inflation, which has been the buzz word for all assets basis the expanding money supply. The former leads to a deflation of credit, which is the opposite of inflation. We're now entering a deflationary depression. It is inevitable. The US Fed cannot stop it anymore than they could stop Lehman going broke.