Tuesday, April 14, 2009

Topping Patterns





A nice selloff like we haven't seen in a while. Might be about time to see a deeper correction get a hold of this tape. I think at this juncture both bulls and bears want it. Now, watch carefully and see if Bad News IS Bad News again. For while we were seeing bad news become good news. Reaction to news and new earnings will tell the tale.

5 comments:

Anonymous said...

Isn't the $NYA chart an ascending triangle which typically will breakout to the up side?

Stewie said...

hi anon: NYSE chart is more preciously called a rising wedge. check out this link: http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:rising_wedge_reversa

typically a ending pattern in an uptrend.

Stewie said...

link:

http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:rising_wedge_reversa

ptg said...

I said earlier that Thursday was the time to go long. Well, I was wrong. Today was obviously the day to go long. Not too late though. Tomorrow will be strong up day after a dip.

Stewie said...

ptg: check out my latest post. i am with you 100%.

Blog Archive