A gap down open from which the bulls never recovered. An island reversal has been formed.This is bearish. An island reversal occurs when there is a gap on both sides of the candle. Island reversals frequently show up after a trending move is in its final stages.The gap is shown below in red.
Half Hourly Chart
Lot of bearish signals.Lower high at 5143. The rally from 4720 has faltered at the 38.2% retracement levels which signify that the current trend has not reversed.Every rally since the low of 4720 seems to make bearish patterns. An Island reversal was made today. The current rising wedge was broken down today.
Bears seem to be dominating. If the swing low of 4911 breaks then the bulls are sure to retreat completely.
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