Sentiment: Strong Buy
I think he's talking about tomorrow. But he totally blew his last call on AAPL two weeks ago when he said it had bottomed at $500, so I don't see what difference it makes. I wouldn't bet on this guy's predictions for anything.
Get a monkey to make your stock picks; it'll be just as reliable and only slightly less entertaining.
This clown has been around forever trying to sell software systems to suckers. He called an AAPL low a few weeks ago calling for a massive rally, it had a 1 day pop and anyone who held thru earnings got crushed, absolutely crushed. A broken clock is correct twice a day which is a better track record than this clown.
Looks like it's def not happening today, so we've got a few more trading sessions for it to occur. You should note, though, that frequently island reversals happen on news, i.e. information comes out after the close and huge buy orders come in premarket. That said, we need a China Mobile deal or low-cost iphones (not my bet) or possibly an increased dividend to be announced and announced soon. Islands - by technical definition - cannot be a month long. That would just be sideways trading and so then we would have to wait to fill the gap.
For those who need a little more clarification on island reversals, look at Apple's Chart. See the drop after earnings from 510s to 461. There is no candlestick line connecting it because it closed pre earnings up around 510 and opened the next morning at 461... 461 is the beginning of the island. The subsequent sideways trading is the buildout of the island. We need to close in this 435-460 range to close out the island and then open up around 490 the next morning.
I guess DeMark thinks technically this could happen on its own. My understanding, though, is that it usually happens on news. Any posters with more understanding of Island Reversals, please jump in!
I've watched the video several times, and I've also closely reviewed a typical Island Reversal chart.
The Apple chart definitely appears to be perfectly set up for the reversal.
Demark also stated that on Thursday the 24th, they received their indicator (a 13#) that the downside
trend was exhausted and would reverse thereafter.
Just this past week the stock rebounded 3%.
The idea of an island reversal is that all the sellers take action in short period of time, and therefore afterwards there is an absence of sellers, and the stock pops big.
I'll be watching tomorrow.