As usual with market gurus, he is more interested in being right than with protecting investors.
This kind of announcement causes a lot of selling by those who follow him and his theories. This kind of selling gives the market makers more inventory and more incentive to rally the market. Therefore, he may indeed be right in the long run but his ego causes him to make this kind of prediction too early. You might notice that he is promoting his book and emphasizing the actions of investors rather than those of the market and its insiders. Remember that rising prices create buying demand by so called investors and falling prices create selling and supply. I still believe that the market is going higher before the next major wave down.
