I've seen that used to sell a lot of cheesy "online trading school" e-courses but I can't speak to whether that was what ultimately drove him to make the trade.

I've seen that used to sell a lot of cheesy "online trading school" e-courses but I can't speak to whether that was what ultimately drove him to make the trade. This article seems to suggest Jones got the idea from a guy named Robert R. Prechter using Elliot Wave Theory: https://www.nytimes.com/2007/10/13/business/13speculate.html https://www.nytimes.com/2007/10/13/business/13speculate.html Prechter called the '87 crash using wave theory, but he also called for "the end of the great bull market" in 1995. Which was 5 years too early (ie. flat out wrong). The lesson here is there's always somebody calling for the next collapse. When it inevitably happens each time, there's always a fresh stock of people you can point to who "called it." Whether this is genuine smarts or just random probability, is questionable.