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By Nico Isaac
In recent months, Elliott Wave International President Bob Prechter has become something of a household name. In the final two life of August 2009 alone, Bob was mentioned by several programme outlets from MarketWatch to the New York Times. The claim to his "fame" —
EWI was digit of the only theoretical psychotherapy firms to anticipate a sharp rally in U.S. stocks as they circled the drain of a 12-year baritone this spring, a feat made ever more exceptional considering the distributed image of Bob as being the ultimate "Big, Bad Bear."
The lesson? Believe in the facts, not in the "widespread image."
Bob Prechter has always said that flourishing forecasting should look to the current wave count (and different other theoretical measures) for direction. He has never permanently tied himself to the mast of definition — i.e. "bull" or "bear."
For this reason, EWI’s aggroup of analysts have been able to meet digit step ahead of the biggest turning points in the Dow designer Industrial Average, from the very move of the index’s historic 2007 reversal.
To wit: This two-year interpret of the Dow incorporates several calls from our past publications as they coincided with the market’s most memorable peaks and troughs:
—————————————————————— For more psychotherapy from Robert Prechter, download a liberated 10-page July issue of Prechter’s . ——————————————————————
The interpret above presents the abstract info of our past analysis. Here is the swollen version of those insights as they appeared in real-time:
July 17, 2007 TheElliott Wave Theorist:
"Aggressive speculators should return to a fully leveraged short function now. We may be early by a couple of weeks, but the mart has traced out the minimum expected rise, and that’s enough to act on."
Soon after, as the DJIA neared its own historic Oct. 11, 2007 apex, the Oct. 9 and 10 Short Term Update amped up the urgency of its psychotherapy and wrote:
“Odds have increased that a mart broad is in place. The structure, coupled with turns in the other markets, suggests a top is in place. The potential, at the least, is four a large selloff… Watch Out! The mart faces a stout correction."
Before landing at its March 10, 2008 bottom, the March 5 Short Term Update afforded respect to a bullish alternate count and wrote: "Prices should carry above the wave a broad (13165) before it ends."
At its four-month high, the March 16 2008 Elliott Wave Theorist went on high, bearish alert and wrote: The DJIA is entering "Free Fall territory."
One week before the U.S. have mart landed at its 12-year baritone of March 9, our Feb. 27, 2009 Short Term Update utilized a traditional turning pattern to outline a specific instance window for the onset of a field upside reversal. In STU’s own words:
"By all indication, this pattern is back on track… the invoke will become on or near March 10, 2009. Anywhere in this instance period may mark a turn, which will obviously be a mart low."
Once the bullish winds of change had turned, the March 16 Short Term Update wrote:
"When the mart speaks, it behooves us to listen. The implications of this are that the… field have indexes are in the initial stages of a multi-month advance."
Finally, the April 2009 Elliott Wave Financial Forecast calculated a specific target range for the Dow’s rally: the 9,000-10,000 level.
So, now that the upside neutral is met, where are prices set to go next? For more psychotherapy from Robert Prechter, download a liberated 10-page July issue of Prechter’s .
Robert Prechter, Chartered Market Technician, is the world’s foremost proficient on and proponent of the deflationary scenario. Prechter is the originator and CEO of Elliott Wave International, author of Wall Street best-sellers Conquer the Crash and and application of monthly mart honor since 1979.
