Ralph Acampora, sometimes referred to as the godfather of technical analysis, believes markets are poised for a big run now that the smoke has cleared on the U.K.'s referendum on European Union membership.
"There was technical damage [last] Friday and Monday" following the U.K.'s vote to leave the E.U., and "I thought we could go a little bit lower," the director of tactical investments for Altaira Limited told CNBC's "Futures Now" this week.
"I was right for about 30 seconds," he joked. Since the global selloff following the Brexit, about 70 to 80 percent of U.S. index losses have been recovered.
"We've had an unbelievable reversal," observed Acampora. "I've been looking at charts for 50 years and this is quite a head fake."
The technician added that the upward movement has been very broad-based, and noted that the low level of bond yields make equities much more attractive. On Thursday, the U.S. 10-year Treasury dipped to 1.45 percent from 1.5 percent, while the German bund yield settled at a new record low of -0.13 percent—a negative yield.