The head of HSBC’s Technical Analysis group just issued a major warning.
Unless the markets can take out their September highs, we could very well see a repeat of the 1987 Crash.
Murray Gunn is head of technical analysis for HSBC. In a recent client note, he pointed out the Head and Shoulders top pattern that presaged the 1987 Crash.
In its simplest forms, the Dow Jones Industrial Average formed a Head and Shoulders top when it violated its neckline. It then had a failed attempt to reclaim the neckline, which resulted in the market rolling over into the famous Crash.
Gunn notes that the Dow is forming a similar pattern today. He also notes that momentum is waning, and Elliot Wave analysis indicates a 1987-type Crash could indeed occur.
The markets are on thin ice. Whether we're heading for just another correction or something BIGGER remains to be seen.
For certain, we have the makings of a REAL disaster with the situation in Deutsche Bank
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