As much as I am Bearish on the US at the current moment, I doubt this guy has it right. Market sold if slightly, not even a correction (10%) during one of the most violent outbreaks in Middle East History, it isn't over yet and plenty more violence to come. This market is inflated by the FED and Stimulus. I think it will be at 5000 someday. Just not anytime soon.
I recall receiving an email from them the day after the "big bounce off of the bottom".. March 10, was it? Said, "Dow 10,000 for a bear-market counter bounce".
I'm not sure if i'm joking or not, but 2011 is the year of the rabbit. It caught the 2007 top. We'll see how it lands for 2011.
Prechter's a con man / bs artist and your very gullible. A natural match. I'd bet the house when we go many years without coming even close to the old bottom that he won't apologize for his absurdly stupid ideas. These kind of guys on Wall Street are complete scum. Yes, he hopes the economy goes to hell so he can drum up business for himself.
The uptrend since March 2009 was a bear market rally contained within a much larger downtrend that started in 2000. According to my indicators the March 2009 lows will not hold. I don't use EW.
Here is a video from Feb 27, 2009 with the dow around 7,000: http://www.cnbc.com/id/15840232?video=1047685901&play=1 This gentleman is saying cash and Tbills are the best way to go and valuations in the market aren't low enough. He does say eventually there could be a sharp rebound, but he seems to imply that it could be years away.