Bob Prechter Reveals the Most Dangerous Gold & Silver Myths

Yeah, you called some tops and some bottoms.

Show us also all those calls of tops and bottoms that did not come to pass.

Show us also those calls for tops and bottoms that took months, years and even decades to come to pass.(Quote from Clive Maund: In practical terms, being right too soon is as bad as being wrong!)

My friends and I were subscribers from the 1980s. All those friends are living in pauper shorting the S&P from the 1980s following EWI's advice. One spends his retirement fishing. A second spends his in religious pursuits. A third stopped after realising that "egoistic people cannot make good judgement".

Readers should read Mark Hulbert's column in: http://www.marketwatch.com/story/elliott-wave-adviser-now-aggressively-bearish-2009-11-25

Follow up by reading Nassim Taleb's "Fooled by Randomness" and you'll have a better understanding and hopefully not be fooled by selective advertising.

Also read the excellent paragraph that I append below in:http://www.marketoracle.co.uk/Article16948.html#comment89469

Stock Market Crash Calls

1. You CANNOT know with any reliability that the stock market is going to crash until AFTER it has actually peaked and entered a downtrend. Anyone that tells you a bull market pushing to new highs is going to crash is going to lose you all your money, as the market rallying significantly from the crash call NEGATES THAT CALL where trading is concerned, because any short positions enacted upon the call are stopped out!

2. You can only enter a Crash TRADE barely a day or hours before the crash event. Crash calls made weeks, months or years in advance are WORTHLESS where trading is concerned, and where investing is concerned, all investors should have stops on their positions based on technical considerations of where they would admit their analysis is wrong on a particular stock.

Crash calls are dangerous in that bring emotions into play which instead of staying focused on reacting to price action, adrenaline gets traders to commit to positions that will soon most probably bust their accounts where EVEN if the market eventually does CRASH, they will have been wiped out by the intervening rally SINCE the crash call! It is this fact that that is always forgotten.

Don't believe me ? Go check ALL of the hyped stock and other market crash calls that in actual fact WERE FOLLOWED by moves that would have wiped out REAL trades had those calls been acted up on.

I believe Robert Prechter and his Elliott Wave are sponsored by Wall Street banks to herd in traders from whom they take the opposite side of the trade.

For ANYONE considering Elliott Wave and Prechter, run, run as far away from them and their recommendations---they are always wrong and it is easily verifiable by google search of Prechter and Hulbert and Markewatch. During the past 25 years, had you followed Prechters advice, you would have lost 98% of your money, versus a gain of 800% being long the S&P. As for Gold/Silver, Prechter has been calling for a selloff back to $200, then $400, then $600 (all the way up) since 2001.

Honestly, after being a subscriber and following multiple services, I honestly came to the conclusion that nobody could be so consistently wrong, so I contend that Prechter is not as stupid as he appears, but rather, is paid by the establishment to spew out false information to unsuspecting traders in order to herd them in to losing money. Nobody can be so consistently wrong, nobody.

Stay away from Precther, Hochberg, and Elliott Wave----I wish somebody had warned me with the FACTS before I missed out on many opportunities following their horrible, consitently wrong advice.

Prechter is the smoke monster out of lost.