A very Optimistic market indeed and the cliff agreement is not even that note worthy than a glorified can kicking. Our daily and weekly charts all have divergences and that does not bode well for markets. In EW we can look for another 4th wave pull back and another move up for a final 5th wave move to finish this recent euphoric rise.
The wave structure is showing an ABC move up on the SPX and DOW but I don't see prices surpassing the highs made in Sept. - Oct. 2012. If we do pass the highs we should expect the waves to expand into 5 waves rather than the 3 we are seeing now from the Nov 16th low.
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