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Did you guys spot this bit of insanity?
--Larry

Of course, it will never happen. But remember, the skyscraper indicator flashes a sell signal when the world's tallest building is first conceived, not when it's complete. In this case, it may be more of a floatation of the idea than a true conception, but the proposal is so outlandish that it probablty qualifies. Even without it, the indicator's current position is clear from other a litany of other "tallest" skyscaper projects. The Elliott Wave Financial Forecast latest write-up on the subject is available in the Additional References below.

January 2007, EWFF
The Peak Etches Out a New Skyline
According to a CNN article, over the next 10 years, 434 new buildings of more than 50 stories are expected to be built around the world. That compares to the construction of 630 buildings of similarly lofty proportions during the past 100 years. In a 160-story representation of the peak in the U.S. housing and equity markets, the Chicago Spire is set to surpass the Sears Tower as the tallest building in North America. It will be 300 feet higher than the Sears Tower and consist entirely of condominiums. In Manhattan, the financial peak anticipated in this month’s Special Section is signaled by Vornado Realty’s latest bid to entice financial tenants with five floors (100,000 square feet) of trading space in its latest project. The height of the building is still being worked out, but the firm plans to replace the Hotel Pennsylvania across from Penn Station with an office building that is roughly the size of the Empire State Building.

In England, a rapid succession of new projects are leading a “renaissance in British high-rise architecture.” London, Birmingham, Manchester, Liverpool, Leeds, Brighton and Edinburgh are “vying for the buildings with the best superlatives.” By 2010, London’s skyline will be dominated by the London Bridge Tower, a 310 meter (1,017 feet) building that will surpass the 235-meter Canary Wharf to become the tallest building in Europe. Work is also planned on five other London skyscrapers. Similar building panics are in progress in China, India, Russia and, of course, Dubai, where several towers including the world’s tallest tower are now under construction. The unprecedented global burst into the skies marks a dramatic transition from 2002, when EWFF noted that the very concept of skyscrapers was under siege. In the heart of a bear market, extremely tall buildings no longer made economic sense. “After terrorists crashed two commercial jets into the Twin Towers in New York City we read many stories about how the age of skyscrapers had ended,” says one account of the new boom. With the latest peak in social mood, this thinking is being turned on its head: “Building vertically instead of horizontally makes sense because a building that takes up the space of one city block can house an entire community.”