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Prechter: We’re Going to Have Another Leg Down

By Rocky Vega

12/11/09 Stockholm, Sweden – Author and Elliott wave guru Robert Prechter is famous for writing bestseller Conquer the Crash. Earlier today, in a live interview with Bloomberg, he announced that “2010 is going to be a very down year.”

Here’s the question he was asked, a part of his answer, and the video below.

QUESTION: “Well, how much a correction do you expect though, Bob?”

ANSWER: “I think we’re going to have another leg down, not just a correction. I think the bear market is not over. We had the first phase in 2008, we’ve had a partial recovery, a 52 percent retracement, by the way that’s the same amount the market retraced after the 1929 crash … I think 2010 is going to be a very down year.”

This video came to our attention via The Business Insider in its coverage on how it’s a great time to get out of the market.

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Rocky Vega

Rocky Vega is a regular contributor to The Daily Reckoning. Previously, he was founding publisher of UrbanTurf and RFID Update, which he operated from Brazil, Chile, and Puerto Rico, and associate publisher of FierceFinance. He specialized in direct marketing at MBI, facilitated MIT Sloan School of Management programs, and has been featured on CBS. Vega graduated with honors from Harvard University, where he was on the board of Let’s Go Publications and directed business programs involving McKinsey, Goldman Sachs, and Harvard Business School faculty. He is also enrolled at the Stockholm School of Economics.


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One Response

  1. bilhopen said

    bulls in denial might try to squeeze a little “santa rally” out here…but it really looks like Prechter has called it right. Dollar starts surging on flight to safty from Dubai, eastern Europe, southern Europe, possibly even Japan default fears…then if that pressure causes a dollar vaccuum…and the dollar carry trade starts unwinding…LOOK OUT…commoditie will plummet too as wealth seeks a currency it can hide within and do business with…still the USBuck for while anyway.

    on December 12, 2009.

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