Ralph Acampora is one of Wall Street's most-respected technicians. So what does he make of the recent cases for a mega-downturn made by analysts such as Abigail Doolittle, who calls for a 50 to 60 percent "correction" based on her technical analysis?
"I hear that and I see what they're talking about, but these people have been saying that for a long time," he said Thursday on CNBC's "Futures Now." "And honestly, if you look at the technicals as I do, there's just no way I can make those downside targets."
Doolittle has long been calling for some sort of market crash or other for at least four years (see, for instance, the May 2010 edition of Doolittle's "Peak Theories Research" in which she said the S&P will "correct severely," or the July 2011 edition in which she notes that she has an S&P 500 target of 425).