6 replies to this topic

[eminimee]

..but posting again in case it got lost...pretty cool I think.The TL connecting the Oct 87 and Dec 94 lows. I drew that same TL on esignal so it gives a more accurate TL....I drew that TL several weeks ago but neglected to check it until now. Look where we topped in the month of May....maybe we have a retest of it the month of June with a higher high. Coincidentally....that TL in June is at 1550...double top anyone?...but after today...that may be doubtful...right shoulder is possible however.
2 charts...first just shows the long term pic....and the esignal to give a closer look at that TL.You might have to click on the chart once it's openned to enlarge it

Edited by Teaparty, 07 June 2007 - 06:51 PM.

[OEXCHAOS]

Was that originally down in one of my threads? We had some 90+ new topics today. Plus all the replies. And that's without posts from Semi, Dcenger, and XD&CoX posting today. Mark

[eminimee]

Yeah...had put it in your Bull/Bear ratio post.....should have started a new topic.....I just think it's really cool.....considering the rising tops line from 87 also bottomed the Oct 02 and March 03 drops.

[esther231]

That is really cool. Glad you pulled it out and reposted. I had missed it.

[eminimee]

Another thing I did that worked, at least so far, is I snuggled the .618 retrace up under the Aug 04 low using the Oct. 02 bottom. I did this months ago and originally had a target of 1538...got a bit over throwover I guess.

I've done this before with fibs and it's remarkable how you can get targets in the future that do get nailed.

http://stockcharts.com/c-sc/sc?s=$SPX&p=W&yr=7&mn=6&dy=0&i=p18507551686&a=57601821&r=6394.png

[thespookyone]

Great chart teaparty! You know I'm as bearish as any one here, so it might surprize you to hear me say-why not a double top? Like yourself, I think market action would seem to rule that out-all the more reason I'm considering it. I think, as well, that if we don't double top, we at least get a right shoulder in the 1515 to 1518 area. Outside the clear TA possibilty are other factors that support this case, imho. I'm not sure how much shorting of individual stocks was done, but the $cpce indicates there was a ton of puts bought. I trade a lot of puts, not sure if you do or not, but experience tells me these early put buyers will get shaken out. I think they bought their puts just as I sold my Q puts-which when I'm trading well is what happens. Markets only move hard either way when shorts cover while longs buy, or longs sell at the same time shorts are shorting-as happened today. If the most recent shorts get squeezed out-while the dip buyers make one last small run of buys-we can pop pretty fast, and my thought is we will. Sentiment should be of help as well-in our favor. I look at the board today, and many of the staunchest bulls-have turned immediately bearish-hmmmm. Just today on the SPX( Daily) we had a three way bearish cross that I allways look out for-a negatvie aroon cross, the williams percent breaking -50, and the ppo going past zero(it didn't,but, close enough for government work-or it gets there first thing in the morning). The importance of that trifecta to me, is that you usually get a three to four day counter rally off of it-which plays into my scenerio. So,I say-RALLY HATS. I know everyone will think I'm nuts here-and don't care. My best guess based on experience is-I'm right. Keep those great charts coming! Please! Spooky

Edited by thespookyone, 07 June 2007 - 07:26 PM.

[Mr Dev]

Yeah...had put it in your Bull/Bear ratio post.....should have started a new topic.....I just think it's really cool.....considering the rising tops line from 87 also bottomed the Oct 02 and March 03 drops.

I would move the TL tho... take it off the bottom spikes in 02 and move it up to the consolidated bottom of 02

The advantage would be if you are looking for support and you're short,.... you are getting OUT and Flipping

faster than the guy waiting for that Lower support Line drawn to be reached. :bowrie:
Bam!

Edited by Mr Dev, 07 June 2007 - 08:14 PM.