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Market guru Prechter: Stocks look eerily similar to 1987
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Thursday, August 12, 2010
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From Distressed Volatility:

After calling the market top in late March, Elliott Wave's Robert Prechter told BloombergTV yesterday that the Dow chart looks similar to the 1987 top.

We already experienced a stock market crash on May 6 at the head, is a right shoulder crash next? The chart does look vulnerable here with the potential head and shoulders setup.

I'll post Dow charts tomorrow on multiple time frames. Prechter is still bearish on the stock market and bullish on the US Dollar (in 100% cash) and thinks...

Read full article (with video)...

More from Robert Prechter:

Market guru Prechter is bullish on the euro

Market guru Prechter: Crash will take Dow below 1,000

Market guru Prechter still expecting a deflationary crash

Topics: Guru | US_dollar | Stocks
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