He called 5 market crashes and now has three more dates for you to worry about. Technical analyst Sandy Jadeja is predicting financial devastation on three dates. Well, now that I read the article, he doesn’t really say that at all, only that there will be sharp market movements in the future. He names three dates, but doesn’t really attach any importance to them, only saying to “watch” them. I hope this sounds fishy to you because this sounds shady as hell to me. So I did some digging.
Who is this guy? Google Sandy Jadeja and you don’t really find much other than the recent Business Insider articles written about him. I couldn’t find any education credentials, but I found a video of him speaking with a British accent so he’s probably really smart. They don’t hand out those accents to just anyone.
How does he make these predictions? Elliot waves. Disciples of the Elliot Wave theory believe (or want you to believe) that the market moves in cycles varying from weeks, to months, to years. Basically, they overlap a chart of today’s markets over the chart of a previous crash and say, “Oh look, we’re in an 84 year cycle because this looks like this other chart from 1929.”
The articles say his previous predictions of market crashes were accurate to the day. Some of these were self-reported where we’re just supposed to trust him that he told a conference about the impending real estate crisis in 2005. Three other examples of his predictions were from appearances on CNBC London. In none of the videos does he predict anything, merely saying to watch certain calendar dates, whatever that means. This is not exactly concrete evidence of forecasting ability.
I looked around to see if there was any information at all about this guy from before 12 months ago and found this video where he predicted that the Dow Jones would fall by 4,700 points, or almost 30% in 2014. Instead, the Dow was up 10%. In March of this year, he predicted that the markets would revisit their 2016 lows, which they did not do.
Junk like this pops up from time to time on the internet or on financial entertainment media. This is just a reminder to never take these hucksters at face value.