Wednesday, May 12, 2010

Abandoning Bearish Count

At this point in time I am inclined to follow a new count that us bullish and I am no longer holding a long term bearish bias. In the near future I am expecting the S&P 500 to advance a final leg to around 1180-1200 before going into a correction. I no longer believe in Elliot Wave International's count and I think people following the bearish count should be very careful here. As a trader one needs to know when to take loses and and adjust. This is not about intellectual pride or about what is "right". This is about making money trading stocks.

I will be posting a chart once the bull count is confirmed.

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