Robert Prechter is Warning of a ‘Sharp Collapse’ in Stocks

Who is Robert Prechter, and why should investors care that he is warning them to be on high alert for a potential collapse in the stock market?
The president of Elliott Wave International, Prechter may not be a household name on Main Street, but he’s widely known on Wall Street as the foremost authority on the Elliott Wave principle, a forecasting methodology used by generations of technical analysts that is based on the belief that financial markets trend in five waves, and retrace in three waves.
Prechter is also the executive director of the Socionomics Institute, founded to study how those same wave patterns define changes in social mood and govern social events.
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