Update

The first target has been reached... I do not see an ending pattern for now. You should be worried if SP500 moves bellow 1810.

I do not follow many blogs, but two of the guys which I respect turned bearish a few weeks ago. I know that when you are bearish you like to read bearish stuff(simple psychology), but they were bullish for a long time and they are smarter than me:). Common sense tells me they are right. Now we can only wait and see if this time greed and madness is stronger than history and common sense.
Just a clarification - I am talking about intermediate term trend and the next bigger move. This is not a problem to be bullish short term as I wrote around the FOMC bottom. I am writing about that for a long time and the difference now is that a lot of different markets are in their final 5-th wave.

Something to read:
Nouf - He is good in counting EW. Obviously he can read my thoughts too:)
John Hampson's blog - makes a good point for the bearish case... He is long term trader and uses more fundamental stuff and solar cycles.