Robert Prechter: DOW UNDER 1000 and Gold down 40% !!

[link to polinance.blogspot.com]

Another economist that agrees with Gerald Celente is Mr. Prechter. He is convinced that we have entered a market decline of staggering proportions perhaps the biggest of the last 300 years. According to a large number of phone conversations and e-mail exchanges last week, he said that no other forecaster was likely to accept his reasoning, which is based on his version of the Elliott Wave theory a technical approach to market analysis that he embraces with evangelical fervor.
In 1979 Prechter left Merrill Lynch and published the first subscription issue of the Elliott Wave Theorist. The 1970s had been very bullish years in the gold market but mostly bearish for stocks, yet his Elliott wave analysis called for a long-term reversal lower in gold (February 1980) and a long-term "super bull market underway" in stocks (October 1982). Because these forecasts proved mostly correct—especially for the stock indexes—Prechter's following grew.......