Quote from wareco:
Well, first of all, I wouldn't bet against him even with the OP's money. Secondly, he made those comments last Thurs., not today as the OP implies, and lastly, he did not simply predict a 20% drop.
His comments confirm that he is a follower of Elliott Wave Theory. He ( as well as others ) were looking for a 5th wave to the downside late last week. When it didn't materialize, he changed his "tone" rather quickly and is now looking for a multi-week rally.
I remember him saying just the other day about how he thinks the 900 point rally the other day had legs?