Saturday, June 20, 2009

Legendary technician sees more upside

Robert Prechter, reknowned Elliot wave theorist and stock market technical analyst, sees another leg up during the current bear market rally.

“These are classic signs of a short- to intermediate-term peak,” he said during an interview today with Bloomberg Radio. “Most bear-market rallies occur in two steps. The first step is probably over. We’ll probably have a reaction for awhile and then, maybe later in the summer, a second leg.”

Is it tradeable?


  1. You have to ask... Is it sentiment....or data...

  2. Well, Prechter uses Elliot waves (is that *real* data?) and he considers the Supercycle a bear and we are in a counter-trend rally. I'm not sure of his exact analysis, just quoting the story.

    I know he views the bear Cycle as starting in 2000 with the current uptrend as a Minuette or something like that. I'm not sure where he's drawing his 1-2-3-4-5's.