Island Reversal's are said to be some of the strongest reversal patterns...typically the strongest ones form at a significant top or bottom and are usually news driven.
While I do not feel we are at any sort of significant top; I do see today's price action as a near term reversal pattern as long as we can hold the gap that was created between Friday's close and Monday's open.
While I do not put a ton of weight on moving averages...traders have noted that price was rejected at the 200 MA (fair point thus far) and today we sliced right through the 150 EMA...two bearish signals that traders will consider.
The bull case-we must close the week above 4220 to stay above my orange line (please note: we closed last week above it):

You can read more about this chart in my Aug 13th post and why the orange line break out is important to hold.
How I see things at close today:
Daily-we have a fair amount of bearish signals.
Weekly-we are still bullish unless we close this week below my orange line.
While I do not feel we are at any sort of significant top; I do see today's price action as a near term reversal pattern as long as we can hold the gap that was created between Friday's close and Monday's open.
While I do not put a ton of weight on moving averages...traders have noted that price was rejected at the 200 MA (fair point thus far) and today we sliced right through the 150 EMA...two bearish signals that traders will consider.
The bull case-we must close the week above 4220 to stay above my orange line (please note: we closed last week above it):
You can read more about this chart in my Aug 13th post and why the orange line break out is important to hold.
How I see things at close today:
Daily-we have a fair amount of bearish signals.
Weekly-we are still bullish unless we close this week below my orange line.
노트
Island Reversal held up!면책사항
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면책사항
이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.