Neil M. Pine, Senior Technical Analyst for Reliance Management L.L.C. and formally a Federally Registered Investment Adviser, has boldly forecast a 15% + move in the NASDAQ index before early spring of 2017!
Mr. Pine prognosticates one of the greatest market rallies in recorded history! He estimates a powerful move coming to take the market up to between 6500 – 7000 on the NASDAQ!
He has come to this conclusion by first analyzing such technical indicators as long term “Fibonacci” time sequences, which suggest the next leg up, in what Pine refers to as a “Super Cycle.” This coming cycle represents the 3rd stage or maturation of long term “Parabolic”movement. (Kondratieff Wave Theory)
These cyclical studies are utilized in conjunction with other momentum indicators, such as the McClellan Oscillator and the Summation Index, up vol. vs. down vol., advancing issues vs. declining issues, money flow, on balance volume ratio, and stochastics.
But what is MOST significant about this story is that Mr. Pine believes that after the NASDAQ reaches this peak in 2017, then it will crash by 45% from these record highs, starting in mid to late 2017! This means that from a high of 6500-7000 in 2017, the market may precipitously decline to a low of approx. 3700 by early 2018 or sooner! The NASDAQ currently stands at 5,244!
Mr. Pine also postulates that during the short to intermediate term period, under this type of market environment, “Anyone selling the market short will be eaten alive!”
(As you can see by this chart, the NASDAQ is perceptibly trading at above its old highs in the year 2000)
He goes on to state that this coming rally should be led by the tech sector and he DOES NOT believe that mining or oil stocks will participate. However, he does recommend only going back into the precious metals when people take their profits at the top of the market in 2017!Special Note: (Mr. Pine does not believe in reentering the oil sector at any time, as he believes that the price of oil will continue to decline into the future due to the advancement of alternative energy technology sources!)
Refer to link: “The Future of Crude Oil” http://blog.jetsettingmagazine.com/business/future-of-crude-oil-neil-m-pine
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