An excerpt from a book published in 2002 (Michael McDonald - Predict Market Swings with Technical Analysis)
Quote:
THE MARKET THAT LIES AHEAD
This book is a summary of the knowledge I’ve gained over the past 30 years, applied to the stock market in 2002. In 1972, I promised myself that I would write a book the next time the market showed the classic signs of a major top. I had read that all great bull markets always end with the public speculating wildly in the stock market after a long bull run, with talk of much higher prices to come. That promise was realized with the publication of my first book, A Strategic Guide to the Coming Roller Coaster Market, in July 2000. Now that the thesis of that book appears to have materialized, it is important to focus closely on the different swings that will make up this new period. It is my belief that we are again entering the type of market we had in the 1970s, except that this time it will be much shorter (5 to 7 years), and it will occur for entirely different reasons.
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Just a reminder : it was written 6 years ago