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(Bob) Prechter's grim predictions arise from a methodology called the Elliott Wave that many mainstream market commentators and economists regard at best as a meaningless prediction of spurious patterns on random events and at worst as voodoo." "He achieved guru status by being aong the few who saw the post 1982 bull market coming long in advance. He also succeeded in keeping his subsribers in the market for virtually the entire ride up to the August 1987 peak in the Dow of over 2799 and getting them out before the crash that October." But since the he has been predicting a huge crash for the market, with the Dow going to 1,000 this decade. ....According to numbers compiled by the Hulbert Financial Digest, Prechter's timing strategy from the end of 1982 to August of 2002 would have yielded an average return of 10.4, compared with 13.1 for the S&P index. Guru of the Decade" by the Financial News Network (now CNBC).[11] Other "gurus" include technician Elaine Garzarelli who supposedly called the 1987 stock market crash and "then flamed out once she began to run real money." And Goldman Sachs "Abby Joseph Cohen, the doyenne of the 'Nineties Bull Market who since has been blindsided along wth almost everyone else by the last three years fierce market slide."

— technical analyst Robert Prechter  

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