Robert Prechter of Elliott Wave International was on Tech Ticker yesterday and, according to this related report, the timing was purely a coincidence, the interview scheduled a few days before yesterday’s monstrous sell-off that looks to be about to continue today.

If memory serves, the folks over at Elliott Wave called the top for U.S. equity markets months ago – either late in 2009 or early this year – after correctly calling the bottom in March of last year. Prechter says he thinks we’ve now started the second major wave of deflation, one that will be much bigger than the first, and that stocks have nowhere else to go but down. Not surprisingly, he feels the best place to be is in cash.