Bill McLaren: Could Be A Crash Scenario
Someone by the name of Bill McLaren, “technical analyst and independent trader,” told CNBC the next few trading sessions could make or break the stock market (S&P 500):
“If the index goes to 1,040 and only bounces one day and the next day goes to a new low, be very careful because the time cycles in that pattern indicate there could be a crash scenario,” McLaren said. “I doubt it, but if it occurs, look out.”
Even though there is a risk of a severe decline, McLaren expects stocks to remain range-bound in the near term.
Source: CNBC
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