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.
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.
tristan.rhodes
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Well, the island gap help against several retests, but it was eventually closed. I think we can consider this a failed island reversal.