NEoWave's Glenn Neely Forecasts Looming Market Top - Multi-month Decline on Horizon
Glenn Neely, founder of NEoWave Institute and top Elliott Wave analyst, believes the S&P 500 is forming an important top and is preparing for a multi-month decline.
Aliso Viejo, CA (PRWEB) January 22, 2010 -- NEoWave Institute's Glenn Neely, the architect of the NEoWave method of stock market forecasting, believes the S&P 500 is forming an important top and is preparing for a multi-month decline.
Interview with Glenn Neely November, 2009
"Due to the substantial advance following March 2009's low, many investors and analysts believe the worst of the economic downturn has ended. However, based on NEoWave theory, the opposite appears to be underway," says Glenn Neely. "The relentless, almost illogical advance of the past 10 months is coming to an end. This pending top will be followed by a significant 3- to 6-month decline, retracing 60 to 90% of the 2009 rally." To confirm this analysis, Neely points out the cash S&P must break 1100 in the month of January.