Replies to post #4946 on E-Wave for the S&P 500 Index

[JLS]

Skipping over all political statements,

I'm more interested in Pretzel Logic's view of the market:

Therefore, as of yesterday, March 15, PL's opinion:

"Since last update, SPX captured its 3820-45 target (from March 8), exceeded it by about 10 points, then bounced. That's potentially 3 waves up off the 3808 low (to 3937), so bears can take it back below 3808 from here if they want.

Given where we are in the big picture, this market is very possibly hanging by a thread, so countertrend trading (i.e.- bullish trades) should be kept on a very tight leash unless and until there are more bull signals. The most bearish case is that we've already entered Blue 3 -- and frankly, there's nothing currently in the charts to suggest otherwise. That can, of course, always change tomorrow, but this is what's in front of us right now."

http://www.pretzelcharts.com/

My position? I don't like to trade bear markets as one of their characteristics is that they are always too volatile and it's too easy to make the wrong trade (AKA getting myself caught in the bear trap), therefore I am 100% cash and sitting on my hands until a new bull market is confirmed (and I don't care how long that takes).