Wednesday, January 2, 2013

1/2/13- EOD Update

Happy New Year indeed if one were positioned for the fiscal cliff (FC) "resolution" "surprise".  I mentioned on 12/24, there was more room for a surprise FC resolution vs the fear of not resolving it.

Intraday on New Year's eve, we were looking at the completion of the move down off the 12/18 high. Whether you position yourself for a wave 2 bounce or a new leg up, it has payed out handsomely.

5 Min
Not gonna concentrate too much on the squiggles but there is room to extend based on this count. However, the hourly chart below, one can slap a wave {i} completion coming up here near 1465.

60 Min 
A backtest of the inverted H/S neckline is near 1442-1437, which would be a wave {ii} retrace into 38%.

Gotta buy/add on the next dip.
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