All the signs were there: almost every arrow pointed to a market downturn.
And on March 1, Robert Prechter said so, in no uncertain terms. Yet at the time, well-known market observers were confidently calling for Dow 15,000 and higher. The biggest bears were turning into bulls. One analyst said "Doubt has almost been driven from Wall Street."
That was the elevated mind-set even as the market's momentum slowed to a crawl.
In a Fox Business interview, Prechter talked about other indicators that were also sending a market warning:
It's easy to say the market will keep going up when stocks are rising. That's what most people were doing.
But if you were reading The Elliott Wave Theorist, you protected your portfolio.
Prechter shares more insights in his new double-issue Elliott Wave Theorist. The 21 pages and 25 charts will help you position your portfolio for what he sees ahead.
These charts go back 2 months, 1 year, 3 years, 5 years, 12 years, 17 years, 25 years, 38 years and 80 years, covering the Dow, the S&P, the NASDAQ, and the CRB index of commodities.