5th WALL ST SURVIVOR ARTICLE IS UP

#5 Basic Technical Patterns: The Foundation of Common Pattern Recognition

The other 4 are in my link section to the bottom left.

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GOOD MORNING!

TODAY'S UPGRADES & DOWNGRADES

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TODAY'S ACTION

Interesting day where I didn't think we would be fading the gap as far as we did. Regardless, we re-entered the consolidation range not giving a care about China's stimulus package. On a longer short-term view, we are forming a bearish flag after having failed the 20-day MA 3x. At this point, we are more likely to test the October lows than to breakout to the upside. This can obviously change as each new day gives better guidance. The NASDAQ formed a 'stick sandwich' and you can also see that the Russell 2000 formed a same pattern, both of which exhibit highly reliable reversal patterns.

SPX 1-day

SPX 10-day

SPX 6-month

NASDAQ 1-day

NASDAQ 10-day

NASDAQ 6-month

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