At what prices are you going to start buying in again? As it goes up, where do you admit you were wrong and buy back in, or as it goes back down where do you start getting back in?
If the rally just continues on from here without looking back then I will have been "wrong". There's not a "magic number of wrongness", but rather it would be time and stability that
could prove me wrong. But thinking about this in terms of "right" and "wrong" is a
bad way to think of it. No one can always be right, and everyone should prepare to be wrong... you can be "wrong" for the "right" reasons (e.g., reducing your risk/exposure to prepare for retirement and missing a big rally in stocks) and vice-versa (e.g., getting lucky on a big gamble).
But I'm still holding my position, still a bear/skeptic. Exhaustion move is in play and eagerly anticipating some interesting action in the days to come. :-)