Potential Island Reversal pattern for XRX. Price gapped above 31.02, and is now consolidating. For the pattern to complete, price would gap below 31.02.
Appreciate the feedback. Could be a fun play. My first foray to determine all parameters for this pattern and I'm now learning. It's a large gap up and I think the target is determined by the distance between the gap and top of the island...and that distance for determining target, begins after price drops below the gap price...and if all that is correct, it means a pretty fair drop (if executed). Do correct me as needed. It would be fun for me to share your options trade, even maybe as a example of using SlopeCharts features, that one who knows nothing about options might still be able to manage an initial minor risk options trade. ...thinking out loud... But wait, nevermind, I think the options stuff is only available for Diamonds. 11/4/19
Has gapped up again above the island with a doji. Now if price gaps down below the doji that would be an abandoned baby stranded above an island that could turn into an island reversal if price gaps down below the island - lol. 11/6/19
Jazzmaster
