from Russia Today
Swiss investor Marc Faber is known for his pessimistic view of stock markets, and says the S&P 500 index could soon lose more than half of its value.
A rally since late June has the S&P 500 up nearly seven percent in 2016, setting new record-highs almost every day. Faber predicts the index could first grow to 2,300 points from the current 2,182 before the nosedive.
“Maybe we go first to 2,300, then we would have a perfect topping formation. A widening-top formation is about the most bearish technical formation you can have,” Faber said in an interview with MarketWatch.