Island Bottom Chart Pattern
Implication (Island Bottom) | Description (Island Bottom) | Statistics--Bottoms |
Implication
An Island Bottom is a bullish signal indicating a possible reversal of the current downtrend to a new uptrend. This pattern is an indication of a financial instrument's SHORT-TERM outlook.
Description
The Island Bottom occurs when the price "gaps" below a specific price range for a number of days and then is confirmed when the price "gaps" above the original range.
Percent of successful formations – 85% Average rise of successful formations – 34% Likely decline – 20% Failure rate - 17% Average time to throwback completion – 9 days
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