NEoWave Institute's Glenn Neely is forecasting the largest vertical drop of the decade for the S&P 500. Neely predicts the stock market will decline 50% in the next 6 months.
The March-June rally is now ending, allowing the bear market to resume. During the next six months, the S&P will decline 50% or more, breaking well below 500!
Aliso Viejo, CA (PRWEB) June 16, 2009 -- Glenn Neely, founder of NEoWave Institute and prominent Elliott Wave analyst, today announces a startling prediction: The S&P 500 is forming a major top in June, which will be followed by a large decline, eventually pushing the stock market to record lows for the decade.
"Technically speaking, according to NEoWave a correction began at last October's low; the March-June rally is the final leg of that correction," Neely explains. "The March-June rally is now ending, allowing the bear market to resume. During the next six months, the S&P will decline 50% or more, breaking well below 500!" Currently, the S&P is hovering around 917.
Glenn Neely is providing this information not as a specific trade recommendation but as a general public service announcement. A prominent Elliott Wave analyst, Neely was recently recognized in Timer Digest's May issue as the #1 stock market timer for the past 12 months.
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This is correct. The writing is upon the wall for all to read. The fundamentals of the economy do not support current market levels across the board. Real estate, commercial properties, production, manufacturing: The contraction continues unabated. The Obama stimulus plan cannot succeed. It's a tiny drop in the bucket. The declines in consumer income and therefore spending are precipitious. The outcome is clear, ginormous worldwide economic contraction. Government interventions will evolve into hyperinflation in the coming years.
ReplyDeleteIndustry was debased under Billy Boy Clinton, Bush signed away millions of high paying jobs upon taking office. The one-two punch of Clinton-Bush has as effectively removed the real income of the American Citizen just as effectively as a speedy youth purse grabber of 20 snatching a 55 year old womans purse at broadway and Times Square at 1am in manhattan and diving into the nearby subway station with it.
It's gone.
Grand Supercycle FTW
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