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Prechter Says Stocks Are Poised for ‘Major Decline’

Reported on Bloomberg, October 5, 2009, key extracts from report:



U.S. stocks may suffer a “major decline” after climbing to the highest levels in almost a year two weeks ago, according to Robert Prechter, founder of Elliott Wave International Inc.

The S&P 500 Index will probably fall “substantially below” 676.53, the 12-year low reached on March 9, he said.



Nouriel Roubini, the New York University professor who predicted the financial crisis, agrees with Prechter that stock and commodity markets may drop in coming months as the gradual pace of the economic recovery disappoints investors.

“Markets have gone up too much, too soon, too fast,” Roubini said in an interview in Istanbul on Oct. 3. “I see the risk of a correction, especially when the markets now realize that the recovery is not rapid and V-shaped, but more like U- shaped. That might be in the fourth quarter or the first quarter of next year.”

Stocks, commodities and real-estate will suffer from a rebound in the U.S. dollar, Prechter said.



Learn the Wave Principle and Other Forms of Technical Analysis. Elliott Wave International has just released The Ultimate Technical Analysis Handbook. This FREE 50-page ebook is dedicated solely to teaching reformed fundamentals followers to incorporate technical analysis into their own investing decisions. Learn more and download your free copy here.



As the major stock markets turned down in late 2007 and then started to rally in March 2009, many people who believed in fundamental analysis have begun to question its validity. Read More.

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