HSBC Warns Of 1987-Like Crash

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HSBC Warns Of 1987-Like Crash

www.investing.com/analysis/hsbc%E2%80%99s-chief-of-technical-analysis-just-warned-of-a-potential-1987-type-200155974

HSBC Warns Of 1987-Like Crash

By Phoenix Capital Research | Sep 28, 2016 09:17AM ET

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The head of HSBC's (NYSE:HSBC) Technical Analysis group just issued a major warning.

Unless the markets can take out its September highs, we could very well see a repeat of the 1987 Crash.

Murray Gunn is head of technical analysis for HSBC. In a recent client note, he pointed out the Head-and-Shoulders top pattern that presaged the 1987 Crash.

In its simplest form, the Dow Jones Industrial Average formed a Head-and-Shoulders top when it violated its neckline. We then had a failed attempt to reclaim the neckline, which resulted in the Crash.

The 1987 Dow Jones

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Gunn notes that the Dow is forming a similar pattern today. He also notes that momentum is waning and Elliot Wave analysis indicates a 1987-like crash could indeed occur.

Today's Dow Jones

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