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.
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| 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.
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| 60 Min |
A backtest of the inverted H/S neckline is near 1442-1437, which would be a wave {ii} retrace into 38%.
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| Daily |
Gotta buy/add on the next dip.
