If I remember correctly Robert Prechter was once quoted as saying the Dow was going to 100 points. I must have missed it if it did. The issue here is that if you are constantly bearish and calling the end of the world sooner or later you will be right. Its a bit like being known as Ted the goat rooter because you once met a fetching young bovine. You only need to do it once and you get bleat for me you horny minx jokes for the rest of your life.
This is what has happened with the likes of Prechter he was right once (even a blind squirrel finds the occasional nut) and has been a mad bear ever since. Fortunately, there is a guru rating service that tracks such things and you can Prechters rating here.