[Post Summary]Let my beloved come to his garden...
—Song of Solomon
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Way back when CNBC was the Financial News Network (FNN) broadcasting out of Los Angeles, California, Elliott Wave Principle co-author, Robert Prechter, was a frequent guest. This was back in the day when someone forecasting Dow 3600 was considered a wide-eyed optimist. Following the stock market crash of October 1987 Prechter (who forecast the '87 crash) largely faded from public view. I believe this was his own decision.
Having become well-versed in Elliott Wave analysis over the past 20+ years I have set upon my own path, making my way with little regard for the work of others. This includes Prechter. To my knowledge he did not turn bullish Q1 '03 as I did (in February). Likewise, right now, I believe Prechter's long-term forecast has major indexes collapsing to levels last seen in the 1970s. True, one should never say never. But the Dow Jones Industrials Average trading below 1000? Sure, earth could be invaded by aliens, so I will give über-bears their due.
Today, Robert Prechter appeared on CNBC. He also was written up at Bloomberg recently. You might be interested to learn Prechter has covered short positions held since July '07. His outlook, agreeing with my own, presently anticipates the possibility of a monster, short-covering rally developing over the near-term. Like me, as well, Prechter believes the stock market's bear market since October '07 has yet to run its course.
—Tom Chechatka
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