I love this gap on the daily. Appears to be an ih&S pattern of some kind. I like that ALSN closed above the high of yesterday. Looking for a light pull back tomorrow. Taking some off at the 100 SMA
... Allison down. Thats why I assume that Alison has to correct its uptrend, even against the market.
Looks like a Wyckoff spring to me. Very large volume gap down to test the lows but unable to close below the lows, followed by some follow through to the upside. Ideally would have liked to see some greater volume on the automatic reversal (AR), but patterns are rarely perfect. R:R is good on an AB=CD leg. Good trading.
If can break through $33.93 then go long, otherwise short back to $33
odds for long continuation after yesterday bear trap open above yesterday high tinyurl.com
ALSN breaks an asceding triangle with a nice gap. Price have now space to continue going up. Nice moment to join to this trend