Video: Elliott Wave’s Robert Prechter is still way bearish – We’re in a “partial recovery in an ongoing depression”; Get thee to cash!September 27th, 2010 | 4:02 PM | by L. Winthorpe III |
Elliott Wave President Robert Prechter appeared on CNBC today (9/27/10). He says that many economists have gotten it all wrong. The recession isn’t over. We’re in a “partial recovery in an ongoing depression.” He says the safest bet is to be in cash. He also said that it’s a big mistake to chase junk bonds.
So far this year there have been 3 selling opportunities according to his technical indicators — January, April and now, into October.
He remains extremely bearish (surprise!) over the long term , seeing the DJIA cracking 1000 sometime in the next 6 years.
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