Mapping Your Voyage of Discovery - CQG.com

Care must be taken, if using Islands on the Pit Only symbol for the S&P, as they arebecoming more common. A rare Double Island formed the low, and the first correctionworked as well. The final bullish Island failed miserably before the top was formed by apattern that covered eight days. The large square uses the Profile Area tool with the blueline representing the Point of Control for the entire trend. The Island closes below what isthe point of the most time in the trend, which means that the trend is down. This confirmsthat the market is top-heavy and qualifies the pattern. Finally, an Island yesterday hassignalled a bottom may be in place.