8th WALL ST SURVIVOR ARTICLE IS UP!

Using Moving Averages for Long and Short Trades

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TODAY'S ACTION

Looks like we're in a bear flag or a rising wedge (close-up view). This pattern usually spikes higher and moves laterally toward the top of the flag/wedge and then falls off a cliff quickly. The volume should also be decreasing each day (regardless of whether it's a holiday week or not). It's important to short as quickly as possible because the breakdown almost always falls much faster than the time it took for the pattern to materialize. The top of this pattern must be paid attention to as it could be a false pattern. This is most easily determined by Fib retracement levels. I did lose a few % today covering some test shorts, but it's all part of the game. Knowing when to let go of a position avoids ruin. Monday should give some additional guidance to short provided that the pattern doesn't fail and monstrously breakout to the upside which I highly doubt will occur.

SPX 1-day

SPX 3-day

SPX 10-day

SPX 6-month

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I NEED A LAUGH

MARKET CARPET

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