The head of HSBC’s Technical Analysis group just issued a major warning.
Unless the markets can take out its September highs, we could very well see a repeated 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. We then had a failed attempt to reclaim the neckline, which resulted in the Crash.
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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-Crash could indeed occur.
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Chief Market Strategist
Phoenix Capital Research