Prechter Rebuts - Silver Substantiates

Yelnick: "Prechter launched the defense of his analysis today in the May EWT, issued weeks early. Last November, he thought the uptrend might last as long as May 6, and reiterates that prediction: the top should occur within two weeks +/- of May 6, or from now to May 19. He bases this on the large triangle which ended on Oct13 at Dow10200. Triangles are the penultimate wave, meaning one more wave up was expected. That wave is now ending, and should not go much higher over the next four weeks. Those of you who are quick to criticize his prior premature top-illations should get a copy and study this issue of EWT. Or, wait until May 19.
His reputation might be a tad less tarnished after calling to the moment the top in silver (if it holds). After a parabolic rise, it dropped 21% in two trading days. A bit of a crash, that. The STU reports that silver bullishness was an astounding 98% Wednesday, the day before the fall, which might be a record extreme for any market. A bundle of a contrary indicator, that. And Prechter notes that he has never seen an immediate recovery after a sharp drop like this from a parabolic rise. So a shorter term check for you Prechter critics is to see if silver recovers over the next few days.
Volatility should precede a change of trend. We saw currencies move sharply over the last few weeks (Icelandic Krona, NZ$). We may now see commodities make sharp moves down after parabolic rises - watch copper, sugar, gold and the biggee, oil. Stocks may follow. The Greenspan Indian Summer has caused all major markets to walk up in lockstep. They may walk off the cliff together, too. "