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Strategies & Market Trends : Classic TA Workplace

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To: Shack who wrote (101180)	7/12/2004 10:15:38 PM
From: At_The_Ask	Read Replies (1) of 209892

I don't know. It's not really important. It is by definition an Island reversal. Interestingly it didn't fill the gap either even though it rallied back to the bottom of the gap. I don't think it portends anything of major importance unless it melts tomorrow. stockcharts.com[g,a]eacayyay[d15][pb50!b200!i!f][vc60][iub14!la12,26,9!lc20][J33368894,Y]&listNum=1 Island Reversal - A reversal chart pattern that occurs when the price of a security gaps up (or down), trades above (or below) the gap for a while, and then gaps down (or up) past the first gap. The price action forms a group of prices that are separated from the rest of the price pattern by two gaps. The second gap, which is in the opposite direction of the first, offers a strong indication of trend reversal. The reversal is intact until the second gap is closed. Keep in mind the other aspects of technical analysis should be employed as well.

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