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Two charts showing why we're in for a huge move

Talking Numbers

It's déjà vu all over again for the markets, according to one top trader.

Darren Wolfberg, Head of Cash Equity Trading at BNP Paribas, says the benchmark S&P 500 index is repeating the same moves it did four years ago. Granted, four years ago, the S&P 500 was nearly 700 points lower than it is today. However, Wolfberg believes the chart patterns are now making the same moves it did back then.

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Wolfberg's charts show a test of the 150-day moving average in late summer of 2009, followed by a 266-point rise in the S&P 500 from its trough over the next six months. After that, there was another test of the 150-day. Likewise, in recent months, the index had a 258-point gain after its June 2013 test of the 150-day. It once more tested the 150-day with the current selloff. The 150-day moving average is now around 1,737.

Wolfberg expects the correction won't be as severe as others anticipate.

"When everyone's looking for a 10% correction – and, I think you've probably heard that from a gazillion commentators right now – you're not going to get 10%," says Wolfberg. "You're probably going to get somewhere between 7% [and] 8%."

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After that point, the market will move up substantially higher, forecasts Wolfberg.

"I think we're going to be higher than 20% to 30% higher two to three years from now," says Wolfberg. "We could probably be 15% higher from where we are right now by the end of April. And then, towards the end of the year, I think you're going to have a summer selloff. But, I think we'll ultimately be higher than the highs… in April."

To see Wolfberg's full discussion on his charts, watch the video above.

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