Global stocks have rallied on promises of large investments in infrastructure and tax cuts in the U.S., but markets are now set for a sharp correction in the second part of this year, Robin Griffiths, the chief technical strategist at investment manager ECU Group has told CNBC.
"We can go up quite a lot more," Griffiths told CNBC on Monday referring to major global benchmarks. However, "all of my work suggests the risk of a correction is in the second half of this year and if I had to name the month I'd say October," he added.
The Dow Jones industrial average reached the 21,000 barrier for the first time last week. Investors have been reacting to President Donald Trump's orders that so far seem to fulfill his campaign pledges. This momentum has been reciprocated in other markets around the world.