Famed Investor Prechter Warns of Potential 30% Stock Selloff In 2023
• Investing legend Robert Prechter, who predicted 1987 "Black Monday" crash, sees potential for 30% stock market reversal in 2023 due to overcomplacent investors
• Prechter notes investors are extremely bullish, with lots of leverage and cash holdings at extreme lows, reminiscent of market top in 1929 before crash
• Warning signs flashing in market, with volatility near record lows per Cboe Volatility Index’s "fear gauge" hovering around 13
• Prechter advises moving to safer bets for now rather than being long stocks, expecting stocks to correct and provide good buying opportunity
• Even most bullish Wall Street strategists warn of 5%+ near-term pullback before market struggles more broadly in 2024