This is the closing paragraph from Robert Precther's latest Elliott Wave Theorist, just out last night:
A Rare Opportunity
These are exciting times. We seem to be entering our second big payoff period. The decline of 2007-2009 was very profitable for well positioned bears, but the 2011-2016 period should prove to be an even bigger boon. To get an opportunity like this is exceedingly fortunate. It happens to only one generation in ten.
Robert Prechter hasn't always been right, but he nailed the 2007-2009 decline and then turned around and nailed the 2009-2010 rally. He turned bearish again in 2010, a little early, but says the market is now on track for a protracted decline of epic proportions. We don't have to believe, nor do we have to scoff at his prediction. Our trend models will keep us on the right side of any protracted move in the market, whether it be up or down. If he is right, we are staring at a life-changing opportunity.
I have no doubt that within a year, maybe even within a few months, we will all look back and be very glad we were here.