In late February, we had long-time bear Robert Prechter, Founder & CEO of Elliott Wave International on the "Closing Bell," where he predicted a sharp rally. Prechter has been studying the charts for the past 30-years. That's a pretty bullish call for the perma-bear!

Since March 9th, the S&P 500 has seen one of the fastest upside moves ever. According to Prechter's latest Elliott Wave Theorist, that 50% gain in five months carried the index to the lower end of his target zone of 1,000-1,100.

Now, he's turning bearish again. His biggest call: the dollar is forming a major bottom and starting a multi-year advance.

Prechter also says that the potential for the dollar's bottom is an important thesis for deflation. Another bold prediction: Prechter is calling for the next wave of deflation!

All of this just another bearish signal for stocks and he's recommending investors switch to cash.

To find out more on Bob's contrarian calls click on the video from Monday's "Closing Bell."

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• The CNBC Stock Blog

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