Thursday, August 19, 2010

DOW to TUMBLE 'Several Thousand Points' : Prechter

"DOW to TUMBLE to 8,000 in the next few months"

U.S. stocks could sink by more than 20 percent if the neckline of a head-and-shoulders pattern on the Dow Jones Industrial Average is breached, according to Elliott Wave International Inc.’s Robert Prechter.

“The coming months hold the potential to be the most exciting of the year so far,” Prechter wrote in his latest Global Market Perspective report. “Once the neckline is breached, the measured move for the selloff targets the area surrounding 8,000.”

Source: Bloomberg, August 18 2010

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