theS&P 500 index could soar to 2,300 over the next several months, rising about 5% from its current toppy level.
But here’s the bad news: The Swiss investor, who publishes the aptly named Gloom, Boom & Doom Report, sees the large-cap benchmark shedding more than half its value, possibly over the next year.
“When it unravels, we are going to go to 1,100 on the S&P 500,” Faber told MarketWatch.
“Maybe we go first to 2,300, then we would have a perfect topping formation. A widening-top formation is about the most bearish technical formation you can have,” he said. Faber is referring to a so-called megaphone pattern, or broadening formation, which usually is associated with a sharp reversal in an upward trend for a security.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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