Let's hope so!
Exits all shorts...and go long.
But this is only short term trade. Be prepared to sell.
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Feb. 24 (Bloomberg) — Elliott Wave International Inc.’s Robert
Prechter, who advised shorting U.S. stocks three months before the bear
market began, said investors should now end those bets following the
recent market sell-off.
Prechter, chief executive of the market forecasting firm, warned in this
month’s ‘Elliott Wave Theorist’ that a rebound in stocks could be "sharp
and scary" for anyone who is so-called short. In a short sale, investors
borrow stock and agree to sell them at a later date on hopes of
capturing profit by replacing the shares after prices fall.
"This is an environment of escalating financial chaos," wrote Prechter,
who first shot to fame in the 1980s after cautioning investors that
stocks would crash two weeks before Black Monday. "Our main job is to
keep the money we have. If we exit now, we will do that."
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