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Non-Tech : The Woodshed -- Ignore unavailable to you. Want to Upgrade?

To: TH who wrote (17782)	12/6/2004 6:47:24 PM
From: SwampDogg	Read Replies (2) \| Respond to of 60914

<< must be losing it, as I recall reading at least three articles (one with Prechter himself) where he was calling for gold at $250 and massive depression like deflation. I do not recall these articles mentioning anything about him having a long-term bullish perspective on gold. I do recall that he has moved his range on POG several times.>> A final wave of IV down in gold could go as low as the Wave I top which was in the $195-$200 range. This may be possible in a deflationary depression. You should read Prechter's latest book in which he clearly states his views towards gold as an investment and his long term view on it (he believes everybody should own some). Obviously a Wave V up to new highs would follow the final Wave of IV down. This view is more consistent with the K-cycle. Deflation and contraction of debt followed by hyperinflation in the 2015-2035 timeframe. << do not mean any disrespect to Prechter. Let me ask this, how long has he been bearish? A long, long time I think. I think you would have missed a lot of the bull in the past few years if you were to follow his calls.>> He went bullish gold and projected a big Wave "C" to the high $300s in 2001. He made this call when few were looking at gold. You are right that he has raised the target since the initial one was hit but as I stated before no EW rules have been violated. This could still be a Wave "C". If the $480-$500 level is broken I would guess that he would switch to a more bullish stance and call this a wave V in progess. As far as being bearish the general market goes. He went bearish a few years before the ATH and switch to bonds. Not a bad place to be either. He is a very big picture guy. Not much use to a day trader but still interesting and valuable.