By Rita Nazareth
Oct. 5 (Bloomberg) -- U.S. stocks may suffer a “major decline” after climbing to the highest levels in almost a year two weeks ago, according to Robert Prechter, founder of Elliott Wave International Inc. The Standard & Poor’s 500 Index will probably fall “substantially below” 676.53, the 12-year low reached on March 9, he said. The measure surged as much as 58 percent to 1,071.66 in the ensuing seven months on signs the recession is ending. His projection implies a drop of more than 34 percent from last week’s close. Technical analysis, Prechter’s field since 1975, involves making predictions based on price and volume history.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=azTL.7ZtDots
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