Stocks Set for 70s-Style Bull Run: Technical Analyst
The recent stock-market tumble matches the crash of the 1970s and points to a bull-market rally in the coming weeks, Clem Chambers, CEO of ADVFN, told CNBC.
"You want to buy at the bottom and you want to sell at the top, well here's the bottom," Chambers said while taking a technical look at the early 1970s charts for the Dow Jones Industrial Average and FTSE-100.
"We're going to get a W-shaped bottom on this correction here and then we're going to go shooting up with a huge bull rally," Chambers said.
"For a value investor this is a great time, if they've got their powder dry, to pick out stocks," he added.
(Watch the full CNBC interview with Clem Chambers above).
Global stocks could retest recent lows and even push below them, Chambers warned, adding that investors should wait for a clear upward trend that will emerge within the next six weeks.
"If we do take another leg down it will be a massive one, but it's all going to be over very quickly," he said