NASDAQ:AMZN AMAZON COM INC
For the last 1.5 years 100% of the time has exceeded 69.79 and the has exceeded 80 amazon's price has fallen. With the discover of this information I have become significantly more confident in amazons ability to continue its upward trend, as neither the or the are close to their required thresholds. I will be watching amazon closely for the next couple days and plan on initiating a long position if the indicators continue to stray from there critical points.
Patterns that are 80% correct also have a way of repeating, then not-repeating. I like that you are on a weekly time-scale because I don't believe many people look at that time scale, perhaps only portfolio managers. Weekly charts hardly point to the rapid-fire, "let's make money today" mentality of active traders in the market. Long term investors tend to average in over time and add to positions as they grow comfortable with a stock. As earnings reports roll in the position sizes of mutual fund and portfolio managers should most likely continue to increase. In AMZN, if 260 holds as it works off this overbought reading, then certainly another grind higher makes sense. The sellers don't appear to be aggressive up here, which implies they are either hiding or are nearly finished. Thanks for posting.