The date was March of 2009, the mood was decidedly bearish, Robert Prechter seemed like the lone Bull calling for a rally from that point. And that is precisely what we got.
In April 2010 the mood had changed, the media was Bullish but Bob turned Bearish. In his issue of his Elliott Wave Theorist he says conditions have changed and he is once again sounding prophetic. This is extremely important, the media would have you believe that this is an ordinary 10% correction. Prechter says it is imperative that you act now to protect yourself.
The following article is courtesy of Elliott Wave International. Tim McMahon, Editor
Bigger Than A “10% Correction”?
Every Big Bear Grew From a Cub
May 19, 2010
The famous “10% correction” that market pundits talk about sounds so nice and tidy, so predictable and tolerable. It’s as if this “cute little correction” came neatly wrapped, looked like an M&M candy character, and smiled at you and your family after you open the box.
Robert Prechter, Chartered Market Technician, is the world’s foremost expert on and proponent of the deflationary scenario. Prechter is the founder and CEO of Elliott Wave International, author of Wall Street best-sellers Conquer the Crash and Elliott Wave Principle and editor of The Elliott Wave Theorist monthly market letter since 1979.