In late February, we had long-time bear Robert Prechter, Founder & CEO of Elliott Wave International on the "Closing Bell," where he predicted a sharp rally. Prechter has been studying the charts for the past 30-years. That's a pretty bullish call for the perma-bear!
Since March 9th, the S&P 500 has seen one of the fastest upside moves ever. According to Prechter's latest Elliott Wave Theorist, that 50% gain in five months carried the index to the lower end of his target zone of 1,000-1,100.
Now, he's turning bearish again. His biggest call: the dollar is forming a major bottom and starting a multi-year advance.
Prechter also says that the potential for the dollar's bottom is an important thesis for deflation. Another bold prediction: Prechter is calling for the next wave of deflation!All of this just another bearish signal for stocks and he's recommending investors switch to cash.
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