Author predicts major disaster.
A Forecast for the Great Bear Market. THE first time I met Robert Prechter was at a meeting of the Market Technicians' association in New York in the early 1970s. I have to confess that when I first met Robert, I had not heard of the works of Ralph Nelson Elliott which form the basis of the Elliott Wave Principle. However, I subsequently became interested in the subject and when Robert Prechter, together with Alfred Frost, published the Elliott Wave Principle in 1978, I read it with great interest and, also, a lot of scepticism. Today, it is hard to believe how pessimistic investors had become in the late 1970s about the outlook for stock prices.