The last time we heard from wave-guru Robert Prechter was at the end of September when he appeared on CNBC. Folks familiar with his market analysis will not be surprised by his call: Go long the dollar, go short gold, and go short stocks.
You really couldn’t be in a worse position in this market. If you’d have followed him into that trade, you would be getting killed right now
Now with some analysts, they can at least fall back on the “I wasn’t wrong, I was early” argument, which is barely legitimate, but when you’re calling for a huge crash, sometimes that’s OK. But Prechter can’t, because his whole approach is based on the precision of the waves he sees in the market.
There’s a reason he’s always introduces as the man who predicted the crash of 1987 — because it was a precise call (same too for another fellow traveller Martin Armstrong).
We’re sure Prechter will continue to appear on various media outlets, and in his defence he is interesting, but as for this market, unless he’s turned around (which we doubt, since he’s been so consistent with this approach), he’s getting clobbered.