Quote from Chuck Krug:
Most recently Prechter made both the upward (Long) for the rally into the summer of 2007 and culminating with a leveraged short recommendation of the S&P 500 futures on July 17 2007 through an interim report mailed out intraday. This position (the short of the S&P 500 futures from the 1500s) was maintained until February 2009 representing nearly 900 points with the index at around 680's. Prechter also predicted a large and B wave rally with target in the 1015 to 1050 area, and lasting for a Fibonacci 38.2% of the length of the decline from the highs in the S&P 500. Once wave B higher completes, Prechter expects the largest impact of the bearmarket will occur. He also took the contrary view that reflects the dollar having put in a major low and looked for dollar strength as dollar-based leverage unwinds
