tristan.rhodes
Short

SPY = island reversal

AMEX:SPY   SPDR S&P 500
48 2 2
We had a large gap up (onto the island) then a few days on the island, and this morning we just jumped (gap) back into the ocean. So far, this looks like a classic island reversal, unless the bulls can close the gap on the right side of the island.

https://en.wikipedia.org/wiki/Island_reversal
We had a gap up this morning, but it stopped right at the bottom of the island gap. Is this a retest and confirmation of this pattern? If so, the market will keep heading down.
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tristan.rhodes tristan.rhodes
Well, the island gap help against several retests, but it was eventually closed. I think we can consider this a failed island reversal.
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