And with a Hogan avatar you obviously have the intellect of someone in the fourth grade, go figure. The downswings are and have been due to mismanagement, plain and simple. WWF ruled NBC during the 80's, but Vince bled that entire movement (particularly Hulkamania) to death instead of changing with the times, thus they shitcanned SNME. He gets something that works, and then he rides it into the ground like a tent spike because he doesn't think to adapt until he falls on his face (hence Nitro tearing him a new a$$hole for over a year and a half). He posessed ALL THREE of the major American wrestling companies at one point with no competition to speak of stateside and wrestling talent to spare. He had the opportunity of doing the biggest interpromotional angle EVER and found a way to cosmically f**k it up.
WCW is another one in the list of failed dominations. A promotion that was taken from being a backwoods write-off that was tailored for hicks and winos into being the biggest wrestling promotion on the planet inside of four years. Yet Bischoff handed the reigns over to some questionable individuals and the product went perpetually downward and was irretrievable until it was sold for scrap by TW.
You're basing the "cycles" theorem on the last two decades when in fact wrestling had been nothing to write home about for much longer stretches than we've recently seen, business-wise. Everything that perpetuated those upswings you're expecting occurred because someone did something amazing and unique and drew people in. Wrestling has been stagnant (with the exception of TNA's workrate in most cases) since the turn of the millenium. So when is this new movement supposed to hit? Maybe I can disengage my WWE Tivo timers until then so I don't have to keep watching in hopes that the episodes won't be mostly $hit. This is by no way me saying that all of Russo's TNA maneuvers are the best thing since sliced bread, as I prefer wrestling over "crash" TV, but at least the limited wrestling on TNA is worth spending the hour. I usually can't say the same for the big "E."