Prechter - Big Picture Deadly Bearish

http://www.tradingfives.com/blog/elliott-wave/prechter-describes-the-stunning-long-term-elliott-wave-picture/ Consider a time in the stock market that lasted just under three years: 32 months, to be precise. During this period a series of powerful rallies stand out clearly on a price chart. The shortest of these rallies was four weeks, the longest more than five months. Were the rallies a cause to be bullish and fully invested in the stock market?