Robert Prechter has another FREE gift on the internet predicting the End of the World. Open that up and you get the Sales Pitch:
Consider these recent forecasts:
- In 2005, Prechter warned readers of an imminent top in real estate.
- In October 2007, Prechter warned that stocks and commodities were historically overvalued and due for an immediate crash.
- In 2008, Prechter maintained that the U.S. dollar would rally throughout the most volatile market environment since the Great Depression.
- In February 2009, Prechter told readers to end their short bets and prepare themselves for a "sharp and scary" bear market rally.
- In April 2010, Prechter wrote, "we can project a top ... between April 16 and May 7, 2010."
Generally I find Prechter’s analysis of what’s going on right-now and why the financial system is in such a mess, to be pretty much spot-on. He speaks clearly and intelligently, he has an excellent command of the facts, and he gets to the real hub of the matter very quickly; I typically agree with most of what he says.
But I have a few problems with his ability to predict what’s going to happen next. On top of that I simply can’t get my head around the Elliott Wave theory that he champions.
For every piece of “evidence” there is that they work, I come up with evidence they don’t. So I say…”Err, but”… and I get told, “Ah but it’s MUCH more complicated than that”. Like “you are simply too dumb to understand properly” (that’s most certainly true, and I’ve heard that said many times before), “but if you pay me money I will tell you the secret”. I’ve also heard that one before.
But above-all there is one thing which irritates me intensely, which is people who say that they made prescient forecasts, but do not (a) give you the internet link to where they actually made the forecast (so you can check if retrospectively they cleverly massaged a vague declaration into a rock-solid forecast), and (b) give you internet links to their spectacular failures to forecast accurately.
For example – bullet point #4:
In February 2009, Prechter told readers to end their short bets and prepare themselves for a "sharp and scary" bear market rally.
In the “20 Page Free Download” he goes on to say:
On February 23 in the Elliott Wave Theorist,…
