The S&P 500 has likely hit its lows for the current crisis and is set for an "extremely good rally" of at least 25 percent, Robin Griffiths, technical strategist from Cazenove Capital, told CNBC.
"If we only go back up to the falling long-term trend line it will be at least (a) 25 percent (increase) and it's got the stoke to be rather more than that," Griffiths told "European Closing Bell."
This trend higher could carry on to the early part of next year, but beyond that stocks may resume their earlier declines, Griffiths warned.
"I'm afraid it's only a bear market rally, but it's going to be a very good bear-market rally from extremely oversold levels," he said. The reversal could happen extremely quickly, due to the oversold conditions, Griffiths added.
Investors should look for big blue-chip franchises that are "unimpeachably good quality stock." Griffiths said.
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