Tag Archives: island reversal

Short-Term Market Correction May Resume

Posted on May 2, 2012 by Michael Harris

The first sign for that was the price action during the day, yesterday. The market opened higher and prices continued to rise until about noon time when they reversed course and started moving on a downtrend. There are corroborating signs like … Continue reading →

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An Island-bottom Reversal in NASDAQ-100 and QQQ

Posted on April 27, 2012 by Michael Harris

Given the proliferation of software tools that identify classical chart patterns, I suspect that many have already spotted the island-bottom reversal in NASDAQ-100 index and QQQ. However, experienced technical traders know that this pattern alone does not guarantee easy money.

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A Rare Island Cluster Pattern in SPY

Posted on March 9, 2012 by Michael Harris

Last Monday I reported the formation of an  inside day downside breakout pattern in SPY and I showed how that was a bullish signal based on price action analysis. Despite the drop that followed, a long position at the open of last Tuesday has generated a profit of … Continue reading →

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Another Very Rare Pattern in SPY

Posted on February 14, 2012 by Michael Harris

This new very rare pattern comes right after another rare pattern that I described in a previous post. Actually, the two patterns are separated by just one trading day. It is quite possible that the price action that will follow these two rare patterns … Continue reading →

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