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Island Reversal? Monday”s gap up – If, Then… Market Timing

Island Reversal? Monday”s gap up

By Rod David | August 12, 2014 - 9:23 am

Island Reversal? Monday”s gap up had extended higher through the morning, only to be retraced back to the open”s gap up. Today”s gap down is indicated to retrace all of yesterday”s gap up. This sequence would form an Island Reversal pattern if the gap down isn”t recovered through the open.

Rallying through the open would destroy the Island pattern. And it would turn a bearish setup bullish. Compare any market index”s opening price to its price 15 and 30 minutes later to determine whether this morning”s action intends to trend up, or down — today”s pattern shouldn”t be flat.

I”ll add post-open observations to this thread in the Activity Feed. Join me there!

Posted in Bigger Picture