Reversal Days
A reversal day occurs at a market top or bottom. A top reversal day occurs when a new high is made during an uptrend and is followed by a lower close than the previous day's closing price. A bottom reversal day occurs when a new low is made during a downtrend and is followed by a higher close than the prior daily session.
The range of trading during the day, and the volume of trading influence the significance of the pattern.