ex-SKFer from 2008 closes his trading website and exits the market
Know lots of you didn't appreciate his bravado. But, he did call the 666 bottom on S&P500 on March 6, 2009 in real time. I was here and can verify it. Wonder what spooked him or did he just run out of follower's money to support his charting habit? At any rate, he has called THE TOP in this market with completion of Elliot Wave 5 broadening top that developed since the year 2000 Wave 1 peak. Says its been 13 lucky years. And now, he says the market is set-up for a multi-decade downtrend, DEFLATIONARY IMPULSE WAVE just like Japanese Nikki experienced.
BTW, this is just a sentimental post. Not saying he's right or wrong. Just putting it out there for anyone who might be interested. Frankly, I was surprised that he closed-up shop and decided to exit the market. As a warning, he did mention the possibility of the ETF game of derivatives going poof. But, thought more likely, TPTB just want to scare people out of their positions; you know the usual M.O..
Elliot Wave theory is like Peak Oil. Don't write anything in stone in a world which morphs. Even the Taliban wrote their theory in stone and technology bypassed them. People just gonna come up with new answer curvatures to say the same old things. Game of politricks!
I can't tell you how many hundreds of times I heard Bob Prechter say the same things in different ways, any which way. Your friend mimicked Prechter who also called the bottom but missed everything else for years.
When markets get de-regulated again to a limited extent of course, years from now, the bankers, politicians, talking heads in the media/internet will claim totally free market is the way to go and bankers will rape pension funds (Sovereign countries included) to make profits like they did pre-financial crisis.