WARNING

This guy is right on the money lots of times and you can't ignore him. According to Robert Prechter, the market forecaster and social theorist, we have big trouble.

If Robert Prechter is right, one market analyst said, “we’ve basically got to go to the mountains with a gun and some soup cans.” Mr. Prechter is convinced that we have entered a market decline of staggering proportions — perhaps the biggest of the last 300 years.

In a series of phone conversations and e-mail exchanges last week, he said that no other forecaster was likely to accept his reasoning, which is based on his version of the Elliott Wave theory — a technical approach to market analysis that he embraces with evangelical fervor. PAY ATTENTION