Island Top Chart Pattern
Island Top Short-term Pattern | Implication (Island Top) | Description (Island Top) | Statistics (Island Tops)
Implication
An Island Top is a bearish signal indicating a possible reversal of the current uptrend to a new downtrend. This pattern is an indication of a financial instrument's SHORT-TERM outlook.
Description
The Island Top occurs when the price "gaps" above a specific price range for a number of days and then is confirmed when the price "gaps" down below to the original range.
Statistics--Tops
Percent of successful formations – 77% Average decline of successful formations – 21% Likely decline – 10% Failure rate - 13% Average time to throwback completion –8 days
An Island Top Chart Pattern Example
An Island Top Chart Pattern Example
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