Prechter: We're Going to Have Another Leg Down

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.