Petsamo's Top Call

Discussion in 'Trading' started by Petsamo, Oct 23, 2009.

  1. If this doesn't work, I could just say I'm an amateur TA, and I am. I can't believe the experts missed this one.

    Look at the SPX candlestick chart for the last three years. Draw a line from the very top candlestick (do not include the wick) to the next candlestick that it touches. Then extend the line all the way down. You'll see that it touches the recent days' candlesticks.

    Monday, we'll likely have a gap down. We may rise, but the rest of the day will be downhill. We should not close above that line you guys drew. Monday's a sell day.
  2. Topper


    It's a starting point! Now open your chart up to a 20 yr monthly and you will see a different story. And isn't it interesting that the DJIA is at a sticking/psych point of 10,000. Imo, the MSFT and AMZN news may just be the beginning of the catalyst needed to get the markets above the resistance. If the spx does pull back, and seeing that I'm bullish, I'm hoping the 950 range will hold for support. Anyway, my scattered thoughts
  3. NoDoji


    Petsamo, I looked at a weekly chart and I can see it!

    (Don't tell me T/A doesn't work!)
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  4. Please excuse me, I intended for you guys to look at the daily chart. But hey! If the weekly chart works, that's outstanding!

    I like to modify my top call. Given that I believe we will remain bullish after this "correction", this thread should really be titled "Petsamo's Temporary Top Call". :D
  5. Here's the chart:
  6. Here's the weekly chart:
  7. hope you're joking. First, a sample size of one is like flipping a coin and saying "it came up heads! This coin must have no tails on it!"

    After all, if it did not "work" would you have posted? :D
  8. NoDoji


    I'm in love with T/A and that's a rare comment coming from a lady. :D :D :D

    You had to love my chart! So much care went into the various levels of implied irony with that one!

  9. Topper


    :D :D
  10. sub0


    lol at the bear! good job on the chart! :p

    I think it's hard to tell at this point, the AMZN and MSFT movement is showing some unusual activity occuring in this market lately. I kept saying Friday to myself that there is no way the market is going to crash more than 200+ points on a day when MSFT is up over 5-8%! If anything it didn't really crash Friday but simply gave back the move up from Thursday. Monday however we'll see.

    All I know is the movement with MSFT and AMZN are sending chills down my spine. And those chills are multiplying. And I'm losing control. They're electrifying. So I better shape up. :cool:
    #10     Oct 25, 2009