S&P 500 might crash 60%, a recession is looming, and speculation is rife, warns elite technical analyst Milton Berg

• Market bears calling for a 60% crash in the S&P 500 could soon be proven correct, Milton Berg said.
• The technical analyst said that stocks may be close to a final peak as speculation runs hot.
• Berg warned a recession appears likely based on several economic indicators that are flashing red.

Stocks might crash up to 60%, a recession seems likely, and market speculation has reached dangerous levels, a veteran technical analyst warned.