Tom Fitzpatrick, a top technical analyst at Citi, told King World News that he expects stocks to fall another 15-20 percent from here.
"The price action over the past 3 months remains similar to that seen after the 2007 trend highs," he said.
Fitzpatrick uses technical analysis to determine his view.
Now we have started to roll over again. A similar follow through would suggest a move down to the 200 week moving average currently at 1,137 over the coming weeks.
He also states that investors are looking for more safety, as the German 2-year yield is still negative and the U.S. long end yields continue to move lower. Fitzpatrick expects the 10 year yeild to reach 1.43% and the 30 year yield to hit 2.50% soon.
Read more at KingWorldNews.com.
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