RE: Happy New Years!Most likely I think the ending diagonal is still in play short term. No confirmation just yet. It will be more apparent early next week, but I am continuing to see a number of signs pointing to that short term structure.
That means FAZ may close low today, but then rally strongly up to my $9.95 first, pullback, and then $10.20 target around Jan 4-5 next week. In that case though the financials would resume a strong and final quick rally (just a spike really) which would take FAZ to new lows in early Jan. So I am going to be watching closely for confirmation, and will take positions in FAS if I see the confirmation that I am looking for.
This is a great scenario because it will provide an opportunity to make some very quick profits with FAS, and then be optimally positioned at a great entry price in FAZ for the huge drop in mkts that comes immediately after. Jan is shaping up to be one wild month.
This is going to be great fun!!!
SC