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Robert Prechter of Elliot Wave Says Were in the Beginning of a Depression That Will Last For Years

“Some people are talking that maybe we’ll have a double dip like 1980 to 1982, but I’ve been saying all along that this is the wrong perspective. You have to realize that we are in a depression,” Prechter told CNBC.

“We’re in the early stages, so we don’t have the severe unemployment, the severe bread lines and that sort of thing. But since we are early in the trend, this is the kind of thing that the market is now beginning to look ahead and realize that the problem is deeper than just a minor recovery or a mild recession,” he adds.”

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Read more: Prechter: We’re In a Depression That Will Last for Years
Important: Can you afford to Retire? Shocking Poll Results

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Asian Shares Pare Losses; US Futures Soar

Japan and Australia have cut their losses in half to about 1%, lending to a sharp rally in US futures. Dow futures are now up 85.

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